print Share page with AddThis

DISCLAIMER: these draft documents are part of the ESM reform package agreed in principle at the Eurogroup meeting of 4 December 2019, subject to the conclusion of national procedures. It is made available for information purposes only. These documents can be formally adopted by the relevant ESM decision-making body only after the entry into force of the ESM Treaty, as amended by the draft Amending Agreement.

This document sets out a new guideline which elaborates the agreements on the design of a new ESM financial instrument, namely the common backstop instrument, which the ESM will provide to the Single Resolution Board (the “SRB”) for the Single Resolution Fund to support the application of the resolution tools and exercise of the SRB’s resolution powers under the Single Resolution Mechanism of the European Union.

The legal basis for the adoption of this new guideline is Article 18a(4) of the ESM Treaty, as amended by the draft Amending Agreement.

This document sets out an update to the existing guideline for precautionary financial assistance, which further elaborates the detailed agreements on making the precautionary credit lines more efficient, to be adopted by the Board of Directors.

The legal basis for the update of this guideline is Article 14 the ESM Treaty, as amended by the draft Amending Agreement.

This document sets out an update to the existing pricing guideline for financial assistance, which incorporates the agreed pricing elements for the common backstop loans and the precautionary credit lines.
This document sets out the decisions of the Board of Governors, to be adopted by mutual agreement, relating to the nominal cap and to the rules for verifying the permanence of the legal framework for bank resolution.

The legal basis for this decision is Article 18a(1) of the ESM Treaty, as amended by the draft Amending Agreement.

This document sets out the decisions of the Board of Governors, to be adopted by mutual agreement, granting the actual backstop facility. This resolution also contains the most important financial conditions for the backstop.

The legal basis for this decision is Article 18a(1) of the ESM Treaty, as amended by the draft Amending Agreement. The actual approval of a loan itself remains subject to a further decision by the Board of Directors.

This document sets out the decisions of the Board of Governors, to be adopted by mutual agreement, relating to the annulment of the direct recapitalisation instrument.

ESM Reform Documents

Section for US QIB Investors Subscribe to ESM News