https://www.esm.europa.eu/our-work/how-we-work/esg/esg-governance Governance at the ESM The ESM has a robust governance framework in place which ensures strong accountability and transparency vis-à-vis both the ESM shareholders and other stakeholders. ESM Governance structure and shareholder engagement The ESM governing bodies are the Board of Governors and the...

https://www.esm.europa.eu/our-work/how-we-work/esg/esg-social ESM Social Bonds The Covid-19 pandemic constituted an unprecedented challenge with severe socio-economic consequences. As part of a concerted European response to the crisis, the ESM established a Pandemic Crisis Support instrument based on its Enhanced Conditions Credit Line (ECCL), which was...

https://www.esm.europa.eu/our-work/how-we-work/esg/esg-environment ESM as a responsible investor The ESM has made environmental, social and governance (ESG) considerations an important aspect of its investments. While creditworthiness, liquidity, and return remain critical investment objectives to ensure the ESM can fully implement its mandate, ESG criteria are...

https://www.esm.europa.eu/disbursements/greece/repayment-schedule-first-disbursement-under-4th-tranche-esm-ffa-greece-28032018 Principal repayment date Payment amount (€) 28 March 2051 783,200,000 28 March 2052 764,840,000 28 March 2053 749,960,000 28 March 2054 731,600,000 28 March 2055 0 28 March 2056 0 28 March 2057 0 28 March 2058 0 28 March 2059 0 28 March 2060 2,670,400,000 Total 5,700,000,000

https://www.esm.europa.eu/content/explainer-fourth-esm-loan-tranche-greece How much will be disbursed in the current (fourth) tranche? The fourth tranche amounts to €6.7 billion, and will be disbursed for the following needs: €3.3 billion for debt service €1.9 billion as a cash buffer €1.5 billion for domestic arrears clearance €5.7 billion will be disbursed on 28 March...

https://www.esm.europa.eu/disbursements/greece/repayment-schedule-second-disbursement-under-3rd-tranche-esm-ffa-greece-30102017 Repayment schedule for second disbursement under the third tranche of the ESM Financial Assistance Facility Agreement with Greece Principal repayment date Payment amount (€) 30 October 2034 25,040,000 30 October 2035 25,440,000 30 October 2036 25,840,000 30 October 2037 26,240,000 30 October 2038 26...

https://www.esm.europa.eu/research-and-analysis/esm-hosts-workshop-cross-border-capital-flows-and-capital-markets-union The views of the researchers participating in the, "Cross-Border Capital Flows and Capital Markets Union Quo Vadis Europe?" workshop do not necessarily reflect the views of the ESM or ESM policy. Time shown is local time. Event by invitation only. Overview Deep and integrated financial markets are...

https://www.esm.europa.eu/content/esm-marks-5th-anniversary Five years ago, on 8 October 2012, the European Stability Mechanism formally began operating when the finance ministers of the euro area countries took part in the inaugural meeting of the ESM Board of Governors. The ESM is the permanent rescue fund for euro area countries in financial distress. It...

https://www.esm.europa.eu/content/esm-co-organises-first-joint-regional-financing-arrangements-rfas-research-seminar The views of the researchers participating in the 1st Joint Regional Financing Arrangements (RFAs) Research Seminar do not necessarily reflect the views of the ESM or ESM policy. Time shown is local time. Event by invitation only. Press Release Photos - credit RFA Research Seminar Programme 7...

https://www.esm.europa.eu/investors/us-investors/esm-us-dollar-programme Since its inaugural bond issuance back in October 2013, the ESM has become a well-established supranational issuer in euro-denominated bonds. In October 2017, the ESM launched its inaugural dollar transaction. For the future, whilst the majority of funding will be made in euro, the ESM will aim to...

https://www.esm.europa.eu/investors/us-investors/esm-funding-strategy or “How does ESM fund itself ?” ESM provides liquidity assistance to euro area Member States that are experiencing difficulty in financing themselves on the capital markets at sustainable rates. The ESM finances this activity through the issuance of debt securities. Securities issued by the ESM fall...

https://www.esm.europa.eu/investors/us-investors/us-legal-documents ESM Information Memorandum - 18 August 2025 (PDF, 1.22 MB)ESM Master Dealer Agreement relating to Debt Issuance Programme - 28 September 2018 (PDF, 783 KB)

https://www.esm.europa.eu/investors/us-investors/us-ratings 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/research-and-analysis/past-research-conferences ESM hosts workshop: "Debt Sustainability: Current Practice and Future Perspectives" Luxembourg, 11 - 12 December 2018 This two-day event brought together experts from official institutions dealing with sovereign debt sustainability and leading academics in the field of sovereign risk. The aim of the...

https://www.esm.europa.eu/Disbursements/Greece/repayment-schedule-first-disbursement-under-3rd-tranche-esm-ffa-greece-10072017 Repayment schedule for first disbursement under the third tranche of the ESM Financial Assistance Facility Agreement with Greece Principal repayment date Payment amount (€) 10 July 2034 241,010,000 10 July 2035 244,860,000 10 July 2036 248,710,000 10 July 2037 252,560,000 10 July 2038 257,180,000 10...

https://www.esm.europa.eu/content/ademu-conference-how-much-fiscal-union-emu The views of the researchers participating in the ADEMU conference do not necessarily reflect the views of the ESM or ESM policy. Programme 18 May 2017 8.30 - 9.00 Registration 9.00 - 9.15 Welcome to the Banco de España Juan Francisco Jimeno | Banco de España The aim of this ADEMU conference (95 KB)...

https://www.esm.europa.eu/financial-assistance/evaluation-efsfesm-programmes Evaluation of financial assistance to GreeceThis Evaluation Report assesses the financial assistance to Greece in terms of relevance, effectiveness, sustainability, efficiency and cooperation. It primarily focuses on the ESM programme from 2015 to 2018, while taking into account its links with the...

https://www.esm.europa.eu/content/press-release-evaluation EFSF/ESM programme evaluation report published today Luxembourg (15/06/2017) – The first Evaluation Report on European Financial Stability Facility (EFSF) and European Stability Mechanism (ESM) financial assistance programmes was published today. The Independent Evaluator, Gertrude Tumpel-Gugerell...

https://www.esm.europa.eu/content/g-tumpel-gugerell-report-video

https://www.esm.europa.eu/content/evaluation-report-efsfesm-programmes The Evaluation Report evaluates the relevance, effectiveness, and efficiency of EFSF and ESM financial assistance in safeguarding the financial stability of the euro area and its members. It primarily focuses on aspects that were not covered in detail by other evaluations, such as financing and the...