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Presentation by Klaus Regling at the Peterson Institute for International Economics
Klaus Regling
Managing Director of the ESM Speech at the Seminar
in Lisbon on “Governance and Policies for Prosperity in Europe”
Panel II: Which institutions are needed?
(Please check against delivery)
The annual report contains a description of the ESM's policies, activities, financial statements and economic developments in 2014. Additionally, it contains an external auditor's report and a report of the Board of Auditors.
"Has adjustment and recovery in the Euro Area been too slow?"
St Antony’s College, Oxford,
March 11 2015 -Klaus Regling, Managing Director, ESM
Luxembourg – The European Stability Mechanism (ESM) today issued a €3 billion two-and-a-half-year bond maturing on 17 October 2017. The transaction was priced with a -0.07% reoffer yield for investors. The coupon was set at 0.00%, which delivers a reoffer price of 100.181%. It is both the first ESM bond issued with a negative yield and also the first syndicated euro-denominated SSA benchmark issued with a negative yield.
Luxembourg – The Board of Directors of the European Stability Mechanism (ESM) approved the request by Spain to make a voluntary early repayment of €1.5 billion of its ESM loan. This is the second time that Spain offered to make a voluntary early repayment in respect of the loan to recapitalise the Spanish banks back in 2012. Following this payment, Spain’s outstanding debt to the ESM will become €38.2 bn.