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The two remaining tranches will be transferred by the Member States in October 2013 and April 2014. Upon payment of the final tranche, the ESM will have a paid-in capital of €80 billion, becoming the international financial institution with the highest paid-in capital worldwide.
“Thanks to the contributions of our Member States the ESM has a very robust capital structure”, said Klaus Regling, Managing Director of the ESM. “In a year the ESM will have reached a lending capacity of €500 billion. At the same time, the EFSF finances the adjustment programmes for Greece, Ireland and Portugal that amount to €192 billion in commitments.”
When the ESM was founded, the 17 euro area Member States agreed to provide the ESM’s paid-in capital of €80 billion in five tranches of €16 billion.