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ESM appoints Juan Rojas as Head of Economics and Market Analysis

Luxembourg – The European Stability Mechanism (ESM) has promoted Juan Rojas to Head of the Economics and Market Analysis division. Since Mr Rojas joined the ESM in April 2013 as Senior Country Economist, he has been promoted to Deputy Head of Economics and Market Analysis in 2014.

ESM appoints Cosimo Pacciani as Chief Risk Officer

Luxembourg – The European Stability Mechanism (ESM) has promoted Cosimo Pacciani to the position of Chief Risk Officer, responsible for Risk and Compliance. Since May 2014, Mr Pacciani had been working as Deputy Head of Risk at the ESM.  

ESM appoints Leticia Lucas as Head of Internal Audit

Luxembourg – The European Stability Mechanism (ESM) has appointed Leticia Lucas to the position of Head of Internal Audit. For the past two years, Ms Lucas has been senior internal auditor at the ESM. By creating a Head of Internal Audit position, the ESM recognises the importance of this function for the control framework of the institution.

ESM taps October 2019 bond for €2 billion

Luxembourg – The European Stability Mechanism (ESM) conducted today a €2 billion tap of a €3 billion bond issued on 7 May 2014 with a coupon of 0.875%, maturing on 15 October 2019. This tap brings the total size of the issue to €5 billion. 

The issuance spread at reoffer was fixed at mid swap minus 16 basis points. This implies a reoffer yield for investors of 0.17%. Deutsche Bank, Morgan Stanley and Nomura acted as lead managers for the tap. The transaction attracted strong demand from investors worldwide.

ESM Board of Governors approves decision to grant, in principle, stability support to Greece

Luxembourg – The Board of Governors of the European Stability Mechanism (ESM) approved today a decision to grant, in principle, stability support to Greece in the form of a loan programme. This decision follows the completion of national procedures that involved parliamentary approval in some of the ESM Member States. The basis for the Board of Governors’ approval was the assessment by the institutions and the proposal by ESM Managing Director Klaus Regling.

Interview with ARD morgenmagazin
Interview with Kathimerini
EFSF Board of Directors reserves its rights to act upon Greece'€™s default

Luxembourg – The Board of Directors of the European Financial Stability Facility (EFSF) decided today to opt for a Reservation of Rights on EFSF loans to Greece, after the non-payment of Greece to the International Monetary Fund (IMF). Following the IMF Managing Director’s notification of the IMF Executive Board, this non-payment results in an Event of Default by Greece, according to EFSF financial agreements with Greece.

ESM Board of Directors approves €100 million disbursement to Cyprus

Luxembourg – The Board of Directors of the European Stability Mechanism (ESM) approved today the disbursement of €100 million to Cyprus. This follows the positive assessment of the sixth quarterly review of Cyprus’s macroeconomic adjustment programme and approval of the supplemental Memorandum of Understanding with Cyprus by the ESM Board of Governors.

EFSF takes note of Greece'€™s non-payment to IMF

Luxembourg – The European Financial Stability Facility (EFSF) takes note of a public statement of the International Monetary Fund (IMF) that a Greek non-payment has occurred. It is the EFSF’s understanding that the IMF Managing Director has informed the IMF Executive Board. This will be confirmed by a meeting of the Executive Board, expected later today. For the EFSF, this would constitute an event of default for certain EFSF loans.