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Government: Slovakia to pay €264 million to ESM by mid-October
4 Oct 2012 Flash News
Slovakia will send its first two cash payments to the European Stability Mechanism (ESM) worth almost €264 million in total by October 12, and disburse another three instalments of the subscribed share capital of €396 million within 2013 and 2014, the government approved on Wednesday, October 3.
The ESM capital is divided into two parts: first is the paid-in capital (€80 billion), with Slovakia contributing almost €660 million (in cash) divided into a number of instalments. Second is the capital subscription, which has been calculated to reach €5.786 billion in Slovakia's case - from the overall subscribed ESM share capital of €700 billion. Slovakia is to obtain the money needed for ESM's in-paid capital through issuing government bonds. The instalments will not have an influence on the deficit of public finances, but will increase Slovakia's state debt.
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