total amount of loans disbursed by ESM/EFSF
amount of bonds currently issued annually
ESM's remaining lending capacity (Forward Commitment Capacity)
Percentage of ESM’s €500 bn lending capacity still available
countries have successfully completed EFSF/ESM programmes: Ireland, Spain, Portugal, Cyprus, Greece
Accumulated savings for the 5 programme countries in 2019 as a result of EFSF/ESM financing
Maximum weighted average maturity of EFSF loans to Greece
31 Aug . 09:00 - 12:00
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26 Sep . 09:45 - 10:30
27 Sep . 13:00 - 14:00
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18 May 2022
It’s Earth Day. We examine the surge in global ESG assets
22 April 2022
European Stability Mechanism & European Financial Stability Facility
No additional conditionality beyond the underlying programme.
For ESM Members not under a programme, specific policy conditions will apply.
two types of credit lines
• Precautionary Conditioned Credit Line (PCCL): available to a Member State whose economic and financial situation is fundamentally sound, as determined by respecting six eligibility criteria such as public debt, external position or market access on reasonable terms.
• Enhanced conditions credit line (ECCL): access open to euro area Member States whose economic and financial situation remains sound but that do not comply with the eligibility criteria for PCCL. The ESM Member is obliged to adopt corrective measures addressing such weaknesses and avoiding future problems in respect of access to market financing. The ESM Member has the flexibility to request funds at any time during the availability period.
• Meet capital shortfalls via private sector solutions.
• Recapitalise the institutions without adverse effects for its own financial stability and fiscal sustainability. The institutions should be of systemic relevance or pose a serious threat to the financial stability of the euro area or its Member States. The ESM Member should demonstrate its ability to reimburse the loan.
• They are or are likely to be in breach of the relevant capital requirements and are unable to attract sufficient capital from private sector sources to resolve their capital problems.
• Burden-sharing arrangements, such as bail-in (fully applicable in 2016), in the Bank Recovery and Resolution Directive, are insufficient to fully address the capital shortfall.
• They have a systemic relevance or pose a serious threat to the financial stability of the euro area as a whole or the requesting ESM Member.
• The institution is supervised by the ECB.
• The beneficiary Member State should also demonstrate that it cannot provide financial assistance to the institutions without very adverse effects on its own fiscal sustainability, and that therefore the use of the indirect recapitalisation instrument is infeasible.
How ESM Loans Help Programme Countries
ESM and Global Financial Stability