https://www.esm.europa.eu/assistance/greece/efsf-programme-greece-expired The EFSF programme was part of the second package of financial assistance for Greece. Between 2012 and 2015, the EFSF disbursed €141.8 billion in loans, and the IMF contributed an additional €12 billion. Current repayment schedule for EFSF loans to Greece (effective from 15/04/2019) Tranche Loan...

https://www.esm.europa.eu/disbursements/greece/repayment-schedule-third-disbursement-greece-under-1st-tranchesub-tranche-esm-ffa-%E2%82%AC Principal payment date Payment amount 20 August 2034 31,300,000 20 August 2035 31,800,000 20 August 2036 32,300,000 20 August 2037 32,800,000 20 August 2038 33,400,000 20 August 2039 33,900,000 20 August 2040 34,400,000 20 August 2041 35,000,000 20 August 2042 35,600,000 20 August 2043 36,100,000 20...

https://www.esm.europa.eu/disbursements/greece/repayment-schedule-second-disbursement-greece-under-1st-tranchesub-tranche-esm-ffa-%E2%82%AC Principal payment date Payment amount 20 August 2034 62,600,000 20 August 2035 63,600,000 20 August 2036 64,600,000 20 August 2037 65,600,000 20 August 2038 66,800,000 20 August 2039 67,800,000 20 August 2040 68,800,000 20 August 2041 70,000,000 20 August 2042 71,200,000 20 August 2043 72,200,000 20...

https://www.esm.europa.eu/disbursements/greece/repayment-schedule-first-disbursement-greece-under-1st-tranchesub-tranche-esm-ffa-%E2%82%AC Principal payment date Instalment 20 August 2034 406,900,000.00 20 August 2035 413,400,000.00 20 August 2036 419,900,000.00 20 August 2037 426,400,000.00 20 August 2038 434,200,000.00 20 August 2039 440,700,000.00 20 August 2040 447,200,000.00 20 August 2041 455,000,000.00 20 August 2042 462,800,000...

https://www.esm.europa.eu/about-us/efsf/before-the-esm EFSF - the temporary fiscal backstop The European Financial Stability Facility (EFSF) was created as a temporary crisis resolution mechanism by the euro area Member States in June 2010. The EFSF has provided financial assistance to Ireland, Portugal and Greece. The assistance was financed by the...

https://www.esm.europa.eu/investors/efsf/funding-strategy or “How does EFSF fund itself?” The EFSF applies a diversified funding strategy, which entails the use of a variety of instruments and maturities to ensure the efficiency of funding and continuous market access. One feature of this strategy is that funds raised through various instruments are not...

https://www.esm.europa.eu/investors/efsf/efsf-bonds The EFSF can issue across the yield curve up to the maturity of its last outstanding loan which will be in 2070. The EFSF can issue through the following methods: syndications and auctions, either for new lines or the reopening of existing bonds. As part of its communication strategy, the EFSF...

https://www.esm.europa.eu/investors/efsf/efsf-active-issuer The EFSF was created as a 3-year temporary organisation in June 2010. As of July 2013, the EFSF will no longer provide any financial assistance to euro area Member States. Any programmes from this date are covered by the permanent rescue mechanism, the ESM. However, due to its diversified funding...

https://www.esm.europa.eu/investors/esm-and-efsf/legal-documents ESM Debt Issuance ProgrammeESM Information Memorandum - 18 August 2025 (PDF, 1.22 MB)ESM Master Dealer Agreement relating to Debt Issuance Programme - 28 September 2018 (PDF, 783 KB)ESM Euro-Commercial Paper ProgrammeESM Euro-Commercial Paper Programme - 09 February 2024 (PDF, 348KB)EFSF Guaranteed...

https://www.esm.europa.eu/our-work/how-we-work/external-audit The external auditor examines the ESM Financial Statements in accordance with generally accepted auditing standards. As defined in the ESM Treaty, the external auditor has the power to examine all books and accounts of the ESM and obtains all information about its transactions. The audit findings in...

https://www.esm.europa.eu/our-work/how-we-work/internal-audit The Internal Audit function is an independent and objective assurance function, reporting directly to the ESM Managing Director. It is designed to add value and improve the ESM's operations. It assists the ESM by bringing a systematic and disciplined approach to evaluating and improving the ESM’s...

https://www.esm.europa.eu/how-we-work/internal-control-framework The ESM internal control framework is embedded in the ESM’s daily operations and reflects the nature, complexity and risks inherent in ESM activities. The ESM internal controls are aligned with the principles of the Basel Committee’s Framework for Internal Control Systems in Banking Organisations[1]...

https://www.esm.europa.eu/esm-governance/budget-review-compensation-committee-board-directors The Budget Review and Compensation Committee (BCC) is a permanent committee of the Board of Directors advising the Board of Directors on matters of staff compensation, including the framework and principles compensation structures, the total annual salary mass, and the evolution of the salary band...

https://www.esm.europa.eu/esm-governance/annual-meeting-board-governors On 19 June 2025, the ESM Board of Governors will hold its Annual Meeting.Among other things, the Governors are expected to approve the 2024 ESM Annual Report, including the annual accounts. The Annual Report includes a description of the policies and activities of the ESM; the ESM Financial...

https://www.esm.europa.eu/content/efsf-raises-%E2%82%AC5-billion-two-bond-issues Luxembourg 23 May 2016 – The European Financial Stability Facility (EFSF) on Monday raised €5 billion in a dual-tranche transaction, issuing a new 10-year and a new 31-year bond. “The EFSF fulfilled its entire funding needs for the second quarter with today’s dual-tranche transaction. In reaction to...

https://www.esm.europa.eu/about-us/what-we-do The ESM’s mission is to provide financial assistance to euro area countries experiencing or threatened by severe financing problems. This assistance is granted only if it is proven necessary to safeguard the financial stability of the euro area as a whole and of ESM Members. For this, the ESM counts...

https://www.esm.europa.eu/our-work/how-we-work OverviewAs an institution created by euro area countries, the ESM works very closely with its Members. Each country is represented in the Board of Governors – the ESM’s highest decision-making body – by its minister of finance. The Board’s most important decisions require unanimous agreement...

https://www.esm.europa.eu/investors/esm-and-efsf/rating-eligibility ESM has been assigned high quality ratings reflectingStrong shareholder supportRobust capital structureConservative strategy of funding and investment Long termShort termStandard & Poor'sAAAA-1+Moody'sAaaP-1Fitch RatingsAAAF1+Scope RatingsAAAS-1+ Rating Agency ReportsStandard & Poor'sStandard & Poor...

https://www.esm.europa.eu/investors/esm-and-efsf/n-bonds In December 2015, with the objective of diversifying funding instruments available, the ESM announced the possibility to issue Namensschuldverschreibungen (N-Bonds). N-Bonds are registered bonds under German law issued in private placements. The objective is to improve the structure of the debt...

https://www.esm.europa.eu/investors/esm-and-efsf/bonds The ESM issued its first bond in October 2013. It has since issued bonds across the yield curve up to a maximum maturity of 45 years. ESM issues through the following methods: syndications and auctions, either for new lines or the reopening of existing bonds. As part of its communication strategy...