Adjustment of ESM capital contribution keys due to the end of the temporary correction period for Slovakia
In line with Article 42 of the ESM Treaty, ESM Members whose GDP per capita is less than 75% of the EU average in the year before their accession to the ESM, benefit from a temporary correction of the capital contribution key for a period of 12 years. In addition to Slovakia, this correction was applied for Malta, Slovenia, Estonia, Latvia and Lithuania. The temporary correction for Slovenia and Malta ended in January 2019 and January 2020, respectively.
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. Accordingly, during the correction period, the capital subscription of all ESM Members not benefitting from a correction is higher, thus leading to temporarily higher paid-in capital contributions.
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 Slovakia, the temporary correction period ended on 1 January 2021. Slovakia’s capital contribution key increased from 0.8184% to 0.9849%, which entailed a payment of €134,150,000 by Slovakia. 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 Slovakia’s temporary correction, and the adjusted values, effective from 1 January 2021 (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 | 2.7627 | 2.7581 | 194,388 | 19,438,800,000 | 2,221,580,000 | -33,000,000 | -3,770,000 |
| Belgium | 3.4513 | 3.4454 | 242,832 | 24,283,200,000 | 2,775,220,000 | -41,200,000 | -4,710,000 |
| Cyprus | 0.1948 | 0.1945 | 13,705 | 1,370,500,000 | 156,630,000 | -2,400,000 | -270,000 |
| Estonia | 0.1847 | 0.1847 | 13,020 | 1,302,000,000 | 148,800,000 | 0 | 0 |
| Finland | 1.7841 | 1.7811 | 125,531 | 12,553,100,000 | 1,434,640,000 | -21,300,000 | -2,430,000 |
| France | 20.2346 | 20.2003 | 1,423,716 | 142,371,600,000 | 16,271,040,000 | -241,500,000 | -27,600,000 |
| Germany | 26.9449 | 26.8992 | 1,895,854 | 189,585,400,000 | 21,666,900,000 | -321,700,000 | -36,770,000 |
| Greece | 2.7957 | 2.7910 | 196,710 | 19,671,000,000 | 2,248,110,000 | -33,400,000 | -3,820,000 |
| Ireland | 1.5804 | 1.5777 | 111,195 | 11,119,500,000 | 1,270,800,000 | -18,800,000 | -2,160,000 |
| Italy | 17.7807 | 17.7506 | 1,251,062 | 125,106,200,000 | 14,297,850,000 | -212,200,000 | -24,250,000 |
| 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 | 0.2482 | 17,490 | 1,749,000,000 | 199,890,000 | -2,900,000 | -330,000 |
| Malta | 0.0899 | 0.0898 | 6,327 | 632,700,000 | 72,310,000 | -1,100,000 | -130,000 |
| Netherlands | 5.6746 | 5.6650 | 399,267 | 39,926,700,000 | 4,563,050,000 | -67,800,000 | -7,750,000 |
| Portugal | 2.4906 | 2.4863 | 175,236 | 17,523,600,000 | 2,002,700,000 | -29,800,000 | -3,400,000 |
| Slovakia | 0.8184 | 0.9849 | 69,418 | 6,941,800,000 | 793,350,000 | 1,173,800,000 | 134,150,000 |
| Slovenia | 0.4678 | 0.4670 | 32,917 | 3,291,700,000 | 376,190,000 | -5,600,000 | -640,000 |
| Spain | 11.8153 | 11.7953 | 831,332 | 83,133,200,000 | 9,500,940,000 | -141,100,000 | -16,120,000 |