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Government approves ESM treaty

Slovakia will have to contribute €659.2 million in five instalments over five years to the European Stability Mechanism (ESM), according to the second version of the ESM treaty approved by the government on Wednesday, February 1.

Slovakia will have to contribute €659.2 million in five instalments over five years to the European Stability Mechanism (ESM), according to the second version of the ESM treaty approved by the government on Wednesday, February 1.

The ESM will be introduced in mid-2012, one year earlier than originally planned. In contrast to the European Financial Stability Facility (EFSF), which was based only on collateral provided by individual eurozone member states, the ESM will have a total subscribed capital of €700 billion, of which €80 billion will be in the form of paid-in capital, while €620 billion will be represented by committed accessible capital. The total amount of subscribed capital provided by Slovakia will reach €5.768 billion, the TASR newswire wrote. The ESM treaty is a presidential treaty, so it must be ratified both by parliament and the president before it comes into force. The Finance Ministry has pointed out that the treaty will require the setting-up of a broad framework with a wider scope than was required when joining EFSF.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
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