Treaty Establishing the European Stability Mechanism (ESM). European Relief Council

      Published by Good Press, 2021

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      EAN 4064066451769

      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

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