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Adjustment of ESM capital contribution keys due to the end of the temporary correction period for Malta

The ESM has adjusted the capital contribution keys for 15 of its Members, following the end of the temporary correction period for Malta.

In line with Article 42 of the ESM Treaty, ESM Members whose GDP per capita is less than 75% of the EU average benefit from a temporary correction of the capital contribution key for a period of 12 years after the date of its adoption of the euro. Apart from Malta, this correction was applied for Slovenia, Slovakia, Estonia, Latvia and Lithuania. The temporary correction for Slovenia ended in January 2019.

During the correction period, the capital subscription of the ESM Member benefiting from the correction is lower, thus leading to a temporarily lower paid-in capital contribution.

As set out in the ESM Treaty, the contribution key for the subscription of ESM authorised capital stock is adjusted when an ESM Member’s correction period ends. Authorised capital stock and paid-in capital is transferred among ESM Members to reflect the adjusted ESM capital contribution key.

In the case of Malta, the temporary correction period came to an end on 1 January 2020. Malta’s capital contribution key was increased from 0.0726% to 0.0899%, which entailed a payment of €13,960,000 by Malta. This amount was redistributed to other ESM Members not benefitting from the correction.

The table below shows the capital contribution keys of ESM Members prior to the end of Malta’s temporary correction, and the adjusted values, effective from 15 January 2020 when the transfers were executed (changes highlighted in bold). It also shows changes in authorised and paid-in capital.
 

  Previous ESM contribution key (%) Adjusted ESM contribution key (%) Number of shares Capital subscription - authorised capital (EUR) Capital subscription - paid-in capital (EUR) Reallocations - authorised capital (EUR) Reallocations - paid-in capital (EUR)
 
 
Austria 2.7632 2.7627 194,718 19,471,800,000 2,225,350,000 -3,500,000 -398,572
Belgium 3.4519 3.4513 243,244 24,324,400,000 2,779,930,000 -4,100,000 -470,000
Cyprus 0.1948 0.1948 13,729 1,372,900,000 156,900,000 -400,000 -48,571
Estonia 0.1847 0.1847 13,020 1,302,000,000 148,800,000 0 0
Finland 1.7844 1.7841 125,744 12,574,400,000 1,437,070,000 -2,400,000 -278,572
France 20.2381 20.2346 1,426,131 142,613,100,000 16,298,640,000 -25,200,000 -2,880,002
Germany 26.9496 26.9449 1,899,071 189,907,100,000 21,703,670,000 -33,500,000 -3,827,146
Greece 2.7962 2.7957 197,044 19,704,400,000 2,251,930,000 -3,400,000 -390,000
Ireland 1.5806 1.5804 111,383 11,138,300,000 1,272,960,000 -2,100,000 -228,572
Italy 17.7839 17.7807 1,253,184 125,318,400,000 14,322,100,000 -22,200,000 -2,540,002
Latvia 0.2746 0.2746 19,353 1,935,300,000 221,200,000 0 0
Lithuania 0.4063 0.4063 28,634 2,863,400,000 327,200,000 0 0
Luxembourg 0.2486 0.2486 17,519 1,751,900,000 200,220,000 -200,000 -20,000
Malta 0.0726 0.0899 6,338 633,800,000 72,440,000 122,100,000 13,960,000
Netherlands 5.6756 5.6746 399,945 39,994,500,000 4,570,800,000 -7,000,000 -800,000
Portugal 2.491 2.4906 175,534 17,553,400,000 2,006,100,000 -3,200,000 -368,572
Slovakia 0.8184 0.8184 57,680 5,768,000,000 659,200,000 0 0
Slovenia 0.4679 0.4678 32,973 3,297,300,000 376,830,000 -400,000 -49,990
Spain 11.8174 11.8153 832,743 83,274,300,000 9,517,060,000 -14,500,000 -1,660,001

 
 

Adjustment of ESM capital contribution keys due to the end of the temporary correction period for Malta

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