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