2020 year in review
EFSF BoD approves reduction to zero of the step-up interest margin accrued by Greece from 17 June to 31 December 2019, as part of the medium-term debt relief measures agreed in 2018, saving Greece €122.15 million.
ESM adjusts capital contribution keys for 15 of its Members following the end of the temporary correction period for Malta.
ESM BoD agrees to waive Cyprus’ mandatory repayment obligation of ESM loans tied to its early repayment to the IMF.
ESM signs and begins working towards implementing the United Nations Principles for Responsible Investment.
Eurogroup agrees on a comprehensive economic policy response to the Covid-19 crisis, including a safety net for sovereigns that the ESM will provide under the Pandemic Crisis Support credit line.
ESM BoG approves the establishment of the Pandemic Crisis Support tool, available to all ESM Members until end-2022 to finance Covid-19 related health care costs.
ESM BoG holds its first virtual Annual Meeting, and endorses the 2019 Annual Report and ESM’s transparency measures.
Independent Evaluator Joaquín Almunia presents his report Lessons from the Financial Assistance to Greece, which is then made public.
ESM publishes its first social bond framework, which will be used for issuing social bonds to finance the Pandemic Crisis Support tool if requested by ESM Members.
ESM and EIB co-organise an online investor seminar on capital markets and pandemic recovery.
EFSF BoD approves reduction to zero of the step-up margin accrued by Greece from 1 January to 17 June 2020 as part of the medium-term debt relief measures agreed in 2018, saving Greece €103.64 million.
ESM BoG appoints Eurogroup President Paschal Donohoe as its Chairperson, succeeding Mário Centeno.
ESM welcomes the decision by S&P to assign ESM a long-term AAA rating, its first ESM rating.
ESM co-organises with the Bridge Forum Dialogue and EIB a high-level virtual conference to mark the 50th anniversary of the Werner Report and 10th anniversary of the euro area rescue funds.
Fifth High-level RFA Dialogue,
co-organised by the ESM, takes place in a virtual format.
Eurogroup agrees to proceed with ESM reform and to advance the entry into force of the common backstop to the SRF. By signing the agreements amending the ESM Treaty and the intergovernmental agreement on the backstop in early 2021, the ESM Members launch the ratification process.
