- France is the second largest contributor to the ESM with paid-in capital of EUR 142.70.
- It is worth of note that un order to provide additional assurance to investors and to obtain a top the rating agencies, the maximum lending volume was set at EUR 500bln. This means that the subscribed capital exceeds the maximum lending volume by 40%.
- The paid-in capital makes the ESM less vulnerable to migration risk than the EFSF, meaning that sovereign credit ratings will play a lesser role in the overall rating of the ESM.
Print 12:47, 20 Nov 2012 - Rating Agency comments - Source: Newswires
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