Slovenia to Pay EUR 137M to ESM by End of October
Slovenia plans to contribute EUR 137m to the European Stability Mechanism (ESM) by the end of October, Finance Ministry State Secretary Dejan Krušec told the press on Friday as he took part in a two-day informal meeting of EU finance ministers in Cyprus dedicated to the financial stability in the EU.
The ESM will become operative on 8 October and the first EUR 32bn will need to be paid by the end of the year, which means that each member state will have to pay two of its planned five instalments by the end of the year, Krušec explained.
Most of the countries, including Slovenia, will fulfil their commitment by the end of October, he added.
The ESM will have authorised capital of EUR 700bn, comprising EUR 80bn in paid-in capital and EUR 620bn in callable capital. Slovenia's total contribution will be EUR 342m.
Initially it was planned that Slovenia would pay five instalments of EUR 68.4m, but the leaders of the eurozone agreed in March that in the first round two instalments should be paid at once.
The ESM is part of a comprehensive package to stabilise the eurozone and will provide financial help to eurozone members at serious risk, either in the form of loans, through purchase of the countries' bonds on the primary and secondary markets, or through loans to financial institutions.