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