The ESM has adjusted the capital contribution keys for 17 of its Members, following the end of the temporary correction period for Estonia.
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 its adoption of the euro. Apart from Estonia, this correction was applied for Slovenia, Malta, Estonia, Latvia and Lithuania. The temporary correction for Slovenia, Malta and Slovakia ended in 2019, 2020 and 2021, 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.
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 Estonia, the temporary correction period came to an end on 1 January 2023. Estonia’s capital contribution key was increased from 0.1847% to 0.2541%, which entailed a payment of €55.85 million by Estonia. The payment was made on 19 January 2023 and the 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 Estonia’s temporary correction, and the adjusted values (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 | 2.7581 | 2.7561 | 194,252 | 19,425,200,000 | 2,220,020,000 | -13,600,000 | -1,560,000 |
| Belgium | 3.4454 | 3.4430 | 242,662 | 24,266,200,000 | 2,773,280,000 | -17,000,000 | -1,940,000 |
| Cyprus | 0.1945 | 0.1943 | 13,696 | 1,369,600,000 | 156,530,000 | -900,000 | -100,000 |
| Estonia | 0.1847 | 0.2541 | 17,907 | 1,790,700,000 | 204,650,000 | 488,700,000 | 55,850,000 |
| Finland | 1.7811 | 1.7798 | 125,443 | 12,544,300,000 | 1,433,630,000 | -8,800,000 | -1,010,000 |
| France | 20.2003 | 20.1862 | 1,422,720 | 142,272,000,000 | 16,259,660,000 | -99,600,000 | -11,380,000 |
| Germany | 26.8992 | 26.8804 | 1,894,528 | 189,452,800,000 | 21,651,750,000 | -132,600,000 | -15,150,000 |
| Greece | 2.7910 | 2.7891 | 196,573 | 19,657,300,000 | 2,246,550,000 | -13,700,000 | -1,560,000 |
| Ireland | 1.5777 | 1.5766 | 111,117 | 11,111,700,000 | 1,269,910,000 | -7,800,000 | -890,000 |
| Italy | 17.7506 | 17.7382 | 1,250,187 | 125,018,700,000 | 14,287,850,000 | -87,500,000 | -10,000,000 |
| 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 | 0.2482 | 0.2480 | 17,477 | 1,747,700,000 | 199,740,000 | -1,300,000 | -150,000 |
| Malta | 0.0898 | 0.0897 | 6,323 | 632,300,000 | 72,260,000 | -400,000 | -50,000 |
| Netherlands | 5.6650 | 5.6610 | 398,988 | 39,898,800,000 | 4,559,860,000 | -27,900,000 | -3,190,000 |
| Portugal | 2.4863 | 2.4846 | 175,114 | 17,511,400,000 | 2,001,300,000 | -12,200,000 | -1,400,000 |
| Slovakia | 0.9849 | 0.9842 | 69,369 | 6,936,900,000 | 792,790,000 | -4,900,000 | -560,000 |
| Slovenia | 0.4670 | 0.4667 | 32,894 | 3,289,400,000 | 375,930,000 | -2,300,000 | -260,000 |
| Spain | 11.7953 | 11.7871 | 830,750 | 83,075,000,000 | 9,494,290,000 | -58,200,000 | -6,650,000 |