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European Relief Council. Treaty Establishing the European Stability Mechanism (ESM)
Treaty Establishing the European Stability Mechanism (ESM)
Table of Contents
CHAPTER 1 MEMBERSHIP AND PURPOSE
ARTICLE 1 Establishment and members
ARTICLE 2 New members
ARTICLE 3 Purpose
CHAPTER 2 GOVERNANCE
ARTICLE 4 Structure and voting rules
ARTICLE 5 Board of Governors
ARTICLE 6 Board of Directors
ARTICLE 7 Managing Director
CHAPTER 3 CAPITAL
ARTICLE 8 Authorised capital stock
ARTICLE 9 Capital calls
ARTICLE 10 Changes in authorised capital stock
ARTICLE 11 Contribution key
CHAPTER 4 OPERATIONS
ARTICLE 12 Principles
ARTICLE 13 Procedure for granting stability support
ARTICLE 14 ESM precautionary financial assistance
ARTICLE 15 Financial assistance for the re-capitalisation of financial institutions of an ESM Member
ARTICLE 16 ESM loans
ARTICLE 17 Primary market support facility
ARTICLE 18 Secondary market support facility
ARTICLE 19 Review of the list of financial assistance instruments
ARTICLE 20 Pricing policy
ARTICLE 21 Borrowing operations
CHAPTER 5 FINANCIAL MANAGEMENT
ARTICLE 22 Investment policy
ARTICLE 23 Dividend policy
ARTICLE 24 Reserve and other funds
ARTICLE 25 Coverage of losses
ARTICLE 26 Budget
ARTICLE 27 Annual accounts
ARTICLE 28 Internal Audit
ARTICLE 29 External audit
ARTICLE 30 Board of Auditors
CHAPTER 6 GENERAL PROVISIONS
ARTICLE 31 Location
ARTICLE 32 Legal status, privileges and immunities
ARTICLE 33 Staff of the ESM
ARTICLE 34 Professional secrecy
ARTICLE 35 Immunities of persons
ARTICLE 36 Exemption from taxation
ARTICLE 37 Interpretation and dispute settlement
ARTICLE 38 International cooperation
CHAPTER 7 TRANSITIONAL ARRANGEMENTS
ARTICLE 39 Relation with EFSF lending
ARTICLE 40 Transfer of EFSF supports
ARTICLE 41 Payment of the initial capital
ARTICLE 42 Temporary correction of the contribution key
ARTICLE 43 First appointments
CHAPTER 8 FINAL PROVISIONS
ARTICLE 44 Accession
ARTICLE 45 Annexes
ARTICLE 46 Deposit
ARTICLE 47 Ratification, approval or acceptance
ARTICLE 48 Entry into force
Annex I
Annex II
Footnotes
