Finance Ministry reports Slovakia will contribute €649.2 million in cash to ESM

Slovakia is expected to pay cash contributions of €659.2 million in four instalments within the next five years to the European Stability Mechanism (ESM), with the first instalment to be sent to Luxembourg in July 2013, according to a proposal submitted to the government cabinet by the Finance Ministry on June 20, the TASR newswire reported. Contributions to the new mechanism, which will replace the European Financial Stabilisation Facility (EFSF) in mid-2013, will be done through underwriting shares on total share capital of €700 billion, TASR wrote. Of this sum, €80 billion will be represented by repayable shares and the remaining €620 billion by shares repayable on demand.

Slovakia is expected to pay cash contributions of €659.2 million in four instalments within the next five years to the European Stability Mechanism (ESM), with the first instalment to be sent to Luxembourg in July 2013, according to a proposal submitted to the government cabinet by the Finance Ministry on June 20, the TASR newswire reported.

Contributions to the new mechanism, which will replace the European Financial Stabilisation Facility (EFSF) in mid-2013, will be done through underwriting shares on total share capital of €700 billion, TASR wrote. Of this sum, €80 billion will be represented by repayable shares and the remaining €620 billion by shares repayable on demand.

The overall amount of shares to be underwritten by Slovakia is €5.768 billion while the €660 million must be contributed in cash. If the contract is signed, this will not automatically mean supplementary commitments for Slovakia as the document will come into effect only when internal ratification processes within the country are completed and the necessary legislative changes have been made.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

Get daily Slovak news directly to your inbox

Top stories

Curfew and closed schools. Slovakia goes into a mild lockdown this weekend

Nationwide testing will follow, accompanied by another curfew.

Nationwide testing - an ambitious plan with an uncertain result

Antigen tests to be used work on patients with symptoms.

Police arrest top special prosecutor, suspected of helping a mafia group

Dušan Kováčik is known for not filing any criminal lawsuits.

State prepared an €100-million injection for tourism

The sector hit hard by the coronavirus crisis should see money at the end of this year.

Illustrative stock photo