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Glossary

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Annual report (ESM)

It contains a description of the policies and activities of the ESM in the preceding financial year and the financial statements. It also contains a report of the external auditors and a report of the Board of Auditors.

Authorised Programme Amount

The maximum amount that the EFSF is authorised to borrow, typically from financial markets, under the EFSF guarantees
 

Authorised unpaid capital

The portion of the ESM’s authorised capital stock consisting of callable shares. These shares may be called in accordance with the terms set in the ESM Treaty (see capital call). The total value of callable shares stands at €624 billion.

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