Lending capacity (Forward Commitment Capacity)

The ESM has a maximum lending capacity of €500 billion. The Forward Commitment Capacity (FCC) corresponds to the remaining ESM lending capacity. It is equivalent to the amount the ESM can commit over the next 12 months for financial assistance, other than direct bank recapitalisation.

In case the ESM grants financial assistance through direct bank recapitalisation, the FCC is reduced by an amount beyond the nominal amount of such financial assistance, as to preserve ESM’s strong creditworthiness.
The Forward Commitment Capacity is computed and published by the ESM on a monthly basis.

The current Forward Commitment Capacity reflects the financial assistance programmes to Spain, Cyprus and Greece and a zero adjustment amount to the ESM lending capacity, due to the absence of a current or planned direct bank recapitalisation operation.

The ESM’s Forward Commitment Capacity
as of 1 April 2016:

€371.98 billion

© European Stability Mechanism 2015

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