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Luxembourg – The Board of Directors of the European Stability Mechanism (ESM) approved today the disbursement of €100 million to Cyprus. This follows the approval of the updated Memorandum of Understanding (MoU) by the ESM Board of Governors and the positive assessment of the second quarterly review of Cyprus’s macroeconomic adjustment programme.
Luxembourg – The Board of Directors of the European Financial Stability Facility (EFSF) approved today the disbursement of €500 million to Greece. This follows the positive assessment of the third review of Greece’s macroeconomic adjustment programme, and the completion of the remaining milestones, including reforms related to public administration and regulated professions as well as measures to comply with privatisation targets.
Luxembourg – The EFSF financial assistance programme officially expires today with a successful Irish programme exit. Since the programme started in February 2011, the EFSF has disbursed a total of €17.7 billion to support the macroeconomic adjustment in Ireland. The loans were granted at a very low interest rate with a weighted average maturity of up to 22 years.
EFSF CEO Klaus Regling in interview with The Irish Examiner
7 December 2013
This is the full text of the Irish Examiner interview with Klaus Regling, chief executive officer of the European Financial Stability Facility (EFSF) and Managing Director of the European Stability
Mechanism (ESM), established by the euro area Member States to raise loans for euro area countries shut out of the markets.
Future role of EFSF/ESM in Ireland:
Klaus Regling - Interview with RTE TV (Ireland)
4 December 2013
The head of the EU's permanent bailout fund has said Ireland was "right" to exit the bailout without a precautionary credit line.
Klaus Regling, the managing director of the European Stability Mechanism (ESM), said market reaction to the Government's decision showed it was the correct one.
Luxembourg – The European Financial Stability Facility (EFSF) disbursed today €2.27 billion in the final instalment of its financial assistance programme for Ireland. The maturity of today’s instalment is 20 years (2033).
The first disbursement of EFSF financial assistance took place in February 2011. The total amount disbursed to Ireland is €17.7 billion, as agreed by ECOFIN and the Eurogroup in December 2010.
Following today’s successful 3-month bill auction, the EFSF and ESM announce the completion of their funding programmes for 2013. As a result the potential long-term issuance window scheduled for the week of 9 December will not be used.
The ESM launched its short-term bill programme in January 2013 and has raised €50.1 billion (of which €19.2 billion outstanding) from the auction of 3-month and 6-month bills.
Luxembourg – The European Financial Stability Facility (EFSF) placed today a €1.5 billion 16-year bond maturing on 3 December 2029. The issuance spread was fixed at mid swap plus 29 basis points. This implies a reoffer yield for investors of 2.758%.
Citi, Credit Agricole CIB and Credit Suisse acted as lead managers for this issue.