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EFSF Shareholders

The EFSF shareholders are the euro area Members (excluding the Republic of Latvia and the Republic of Lithuania, which joined when the permanent support mechanism ESM was already in place). The infographic below shows the number of shares and subscription amounts for each shareholder.

Shares and capital per EFSF Member

Germany
Show as table
ESM Memberssort descending Number of shares Capital as of 31 December 2015 (in €)
Austria 79,125,435 791,254.35
Belgium 98,844,650 988,446.50
Cyprus 5,578,757 55,787.57
Estonia 7,294,357 72,943.57
Finland 51,097,174 510,971.74
France 579,522,400 5,795,224.00
Germany 771,706,294 7,717,062.94
Greece 80,070,849 800,708.49
Ireland 45,261,689 452,616.89
Italy 509,243,918 5,092,439.18
Luxemburg 7,119,129 71,191.29
Malta 2,575,437 25,754.37
Netherlands 162,521,534 1,625,215.34
Portugal 71,329,846 713,298.46
Slovakia 28,256,464 282,564.64
Slovenia 13,398,796 133,987.96
Spain 338,392,963 3,383,929.63
Total 2,851,339,692.00 28,513,396.92

Note: Ireland, the Portuguese Republic, the Hellenic Republic and the Republic of Cyprus have become Stepping-Out Guarantors.

EFSF Governance structure

EFSF General Meeting of Shareholders
The General Meeting of shareholders represents the 17 euro area countries.
Board of Directors
The Board of Directors comprises a member for each one of the 17 EFSF shareholders, usually its deputy finance minister. The European Commission and ECB may participate as an observer.
EFSF CEO
The daily management and affairs of the EFSF is delegated to the Chief Executive Officer. Klaus Regling is the EFSF's CEO since the EFSF was set up in 2010.
EFSF Audit Committee
The Audit Committee consist of five members appointed from among the EFSF Directors and assists the Board of Directors in the discharge of its responsibilities in the areas of financial reporting, internal control and risk management.

EFSF General Meeting of Shareholders

The General Meeting of shareholders represents the 17 euro area countries when the EFSF was set up in 2010. It may order, carry out and ratify acts relating to the EFSF operations. It approves the financial statements, and determines the appropriation and distribution of net profits. It also grants discharge and appoints the members of the EFSF Board of Directors and the external auditor. The Annual General Meeting is held in the City of Luxembourg.

 

Board of Directors

The Board of Directors comprises a member for each one of the EFSF Shareholders. Each EFSF Shareholder proposes for nomination to the Board of Directors its representative in the Eurogroup Working Group (or such person's alternate as representative on such group). The European Commission and ECB may participate as observers.

The Board performs all EFSF acts of administration. The Board decides on the disbursement of loans under existing loan facilities, and is also responsible for drawing up the balance sheet, and the profit and loss accounts of the EFSF.

The conduct of the daily management and affairs is delegated to Klaus Regling, the CEO of the EFSF.
EFSF Board of Directors meeting documents library

BE NL DE EE IE EL ES FR IT CY LV LT LU MT AT PT SI SK FI

Nicholas O’Brien

Assistant Secretary General Ireland

Tuomas Saarenheimo

Permanent Under-Secretary Finland

Peter Paluš

Head of Financial Unit at the Permanent Representation of Slovakia to the European Union Slovakia

Žiga Lavrič

Financial Counsellor, permanent representation of Slovenia to the EU Slovenia

Ricardo Mourinho Félix

Deputy Finance Minister and Secretary of State for Finance Portugal

Harald Waiglein

Director General for Economic and Finance, Chairperson of EFSF BoD Austria

Christiaan Rebergen

Treasurer-General at the Ministry of Finance The Netherlands

Alfred Camilleri

Permanent Secretary, Ministry for Finance Malta

Isabelle Goubin

Director of the Treasury, Ministry of Finance Luxembourg

Alessandro Rivera

Director General of the Treasury Italy

Odile Renaud Basso

Director General of the Treasury France

Carlos San Basilio

Secretary General of the Treasury and Financial Policy Spain

George Chouliarakis

Alternate Minister of Finance Greece

Märten Ross

Deputy Secretary General for Financial Policy and External Relations Estonia

Steven Costers

Counselor General, Ministry of Finance Belgium

Jörg Kukies

State Secretary, Ministry of Finance Germany

EFSF Audit Committee

The EFSF Audit Committee is a sub-committee of the Board of Directors.
 
The Audit Committee consist of five members appointed from among the Directors and assists the Board of Directors in the discharge of its responsibilities in the areas of financial reporting, internal control and risk management. The Committee monitors the financial reporting process, and the effectiveness of the EFSF internal control, internal audit and risk management systems. It also reviews the statutory audit of the annual and consolidated accounts, and recommends the external auditor to the Board of Directors.

EFSF Annual Accounts

The EFSF Annual Accounts, which are accompanied by the EFSF Management Report, comprise the following financial statements:

  • Statement of financial position
  • Statement of comprehensive income
  • Statement of changes in equity
  • Statement of cash flows

Background:

For reasons of transparency and the protection of third parties, companies registered in Luxembourg are required to lodge the annual accounts with the Luxembourg Trade and Companies Register (Registre de Commerce et des Sociétés - RCS) and to mention the lodging of the accounts (statement of submission) in the Luxembourg Official Journal.
 

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