Adjustment of ESM capital contribution keys (due to the end of the temporary correction period for Slovenia)

The ESM has adjusted the capital contribution keys for 14 of its Members, following the end of the temporary correction period for Slovenia.

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 their adoption of the euro.

During the correction period, the initial capital subscription of the ESM Member benefiting from the correction is lower, thus leading to a temporarily lower paid-in capital contribution. This correction was applied for Slovenia, Malta, Slovakia and Estonia. Latvia and Lithuania also benefitted from a temporary correction upon joining the ESM.

Once the correction period comes to an end, the ESM capital contribution key is re-adjusted. In the case of Slovenia, the temporary correction period came to an end in January 2019. Slovenia’s capital contribution key increased from 0.4247% to 0.4679%, which entailed an additional contribution of €34,799,990. This amount was redistributed to the ESM Members not having benefitted from a correction.

The table below shows the capital contribution keys of ESM Members prior to the end of Slovenia’s temporary correction, and the adjusted values, effective from 19/02/2019 (changes highlighted in bold). It also shows changes in authorised and paid-in capital following the reallocations.