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Extension of the EFSF programme and EFSF bonds for Greece
Luxembourg – The Board of Directors of the European Financial Stability Facility (EFSF) decided today to grant Greece a two-month technical extension of its 2nd Economic Adjustment Programme financed by the EFSF. Instead of ending on 31 December 2014, the EFSF programme will now end on 28 February 2015. The decision follows a request from the Greek Finance Minister Gikas Hardouvelis.
CEB and ESM sign Memorandum of Understanding
Paris - The Council of Europe Development Bank (CEB) and the European Stability Mechanism (ESM) signed today in Paris a bilateral Memorandum of Understanding (MoU). For both the CEB and the ESM, this is the latest in a series of bilateral cooperation agreements with other International Financial Institutions.
Luxembourg – The Board of Governors of the European Stability Mechanism (ESM) adopted today the ESM direct recapitalisation instrument for euro area financial institutions. The decision marks the final step in the ratification process and the instrument is now operational. The ESM Board of Governors comprises the 18 euro area finance ministers.
Luxembourg – The Board of Directors of the European Stability Mechanism (ESM) approved today the disbursement of €350 million to Cyprus. This follows the positive assessment of the fifth quarterly review of Cyprus’s macroeconomic adjustment programme and approval of the supplemental Memorandum of Understanding (MoU) with Cyprus by the ESM Board of Governors.
Luxembourg – The European Financial Stability Facility (EFSF) placed today a €4 billion 30-year bond maturing on 29 July 2044. The issuance spread was fixed at mid swap plus 31 basis points. This implies a reoffer yield for investors of 2.392%. The coupon rate is 2.35%.
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Luxembourg – The European Stability Mechanism (ESM) today conducted a tap auction of a €4 billion 2-year bond maturing on 28 October 2016. An additional €987.5 million was issued, bringing the total size of the existing bond to €4.9875 billion.
The weighted average price was 99.98% and the average yield was 0.01%. The bid/cover ratio was 3.1. Bids for the auction were transmitted through the Deutsche Bundesbank’s ESM Bidding System (EBS).