https://www.esm.europa.eu/content/esm-working-and-discussion-paper-videos

https://www.esm.europa.eu/content/explainer-evaluation Explainer: Evaluation Report of EFSF/ESM programmes What is the objective of the EFSF/ESM programme evaluation report? The EFSF/ESM were created at a moment of great uncertainty in the euro area. Their purpose was to provide financial assistance to member countries. The mandate given to the...

https://www.esm.europa.eu/about-us/efsf/efsf-procurement The EFSF procures supplies, services and works in support of its operational objectives. When conducting an EFSF procurement procedure, the EFSF is committed to respecting the general principles of transparency, proportionality, equal treatment and non-discrimination. Procurement opportunities The...

https://www.esm.europa.eu/content/best-wishes-2017

https://www.esm.europa.eu/how-we-work/composition-tribunal Virginia Melgar Graduated in law from the University of Paris (Paris II Assas), (1981); graduated in Criminal Sciences from the Institute of Criminology Paris (1980); Judge in France (1982); Public Prosecutor at the Versailles Court of First Instance ( 1984-1986); Magistrate at the Ministry of...

https://www.esm.europa.eu/disbursements/greece/repayment-schedule-second-disbursement-under-2nd-tranche-esm-ffa-greece-26102016 Repayment schedule for second disbursement under 2nd tranche of ESM FFA with Greece (26/10/2016) Principal payment date Payment amount (€) 26 October 2034 87,640,000 26 October 2035 89,040,000 26 October 2036 90,440,000 26 October 2037 91,840,000 26 October 2038 93,520,000 26 October 2039 94,920,000...

https://www.esm.europa.eu/publications/other-staff-publications Author Title Co-author(s) Outlet, no., date Gong Cheng What Is the Gold Standard? Laurent Ferrara, Yannick Kalantzis, Pascal Towbin Focus, Banque de France, no.5, 22 November 2010 Daragh Clancy Housing market activity and consumption: Macro and micro evidence Mary Cussen and Reamonn Lydon Central...

https://www.esm.europa.eu/esm-governance/risk-committee-board-directors The Risk Committee is a permanent committee of the Board of Directors advising it on the overall current and future risk appetite of the ESM. It also assists the Board of Directors in defining, reviewing, and overseeing the implementation of the ESM risk management framework by the Managing Director...

https://www.esm.europa.eu/esm-governance/shareholder-engagement Photo: ESM Shareholders' Day 2017 The ESM places great emphasis on shareholder relations and engagement. The ESM participated in the various political fora where its shareholders are represented to discuss matters of relevance to its mandate, such as the Eurogroup, the Eurogroup Working Group, and...

https://www.esm.europa.eu/disbursements/greece/repayment-schedule-first-disbursement-under-2nd-tranche-esm-ffa-greece-21062016 Repayment schedule for first disbursement under the second tranche of the ESM Financial Assistance Facility Agreement with Greece Principal repayment date Payment amount (€) 21 June 2034 234,750,000 21 June 2035 238,500,000 21 June 2036 242,250,000 21 June 2037 246,000,000 21 June 2038 250,500,000...

https://www.esm.europa.eu/explainers/faq-archives Below find our FAQ archive list downloadable in PDF format.

https://www.esm.europa.eu/content/accessing-sovereign-markets This discussion paper collects the experiences of former EFSF/ESM programme countries in rebuilding investor trust and returning to normal market access. Coordination by ESM with contributions from heads of Debt Management Offices of Ireland, Portugal, Spain, and Cyprus Authors: Rolf Strauch -...

https://www.esm.europa.eu/how-we-work/external-audit-reports 2016 external audit report 2015 external audit report 2014 external audit report 2013 external audit report 2012 external audit report

https://www.esm.europa.eu/how-we-work/risk-management The ESM has defined clear risk management objectives and an established strategy to deliver them through appropriate governance and core risk management processes. The organisation’s approach to risk management derives from the ESM Treaty and the ‘High Level Risk Policy', which in summary are to...

https://www.esm.europa.eu/esm-governance/board-governors-meeting-documents-library Board of Governors annual meeting, 11 June 2020 Draft annotated agenda Summary of decisions Board of Governors meeting, 15 May 2020 Annotated agenda MD proposal for financial assistance in the form of a Pandemic Crisis Support Response Plan detailing the direct and indirect costs for healthcare...

https://www.esm.europa.eu/esm-governance/board-directors-meeting-documents-library EFSF Board of Directors' meeting, 22 November 2018 Draft annotated agenda Board of Directors' meeting, 13 July 2018 Draft annotated agenda Follow-up to Board discussion Proposal for terms of the fifth tranche of €15 billion Summary of decisions Board of Directors' meeting, 8 June 2018 (adjourned to...

https://www.esm.europa.eu/investors/efsf/n-bonds In December 2015, with the objective of diversifying funding instruments available, the EFSF 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/esm-governance/accession-new-esm-members Accession of new ESM members In line with the preamble of the ESM Treaty, EU Member States should become an ESM Member with full rights and obligations following their adoption of the euro. On such basis, applications for accession to the ESM, including the related technical terms and adaptations to...

https://www.esm.europa.eu/how-we-work/impact-budgets In € billion As % of GDP Ireland 0.8 0.2 Greece 14.1 7.5 Spain 1.4 0.1 Cyprus 0.4 1.9 Portugal 1.5 0.7 Note: Calculated by comparing the effective interest rate payments on EFSF/ESM loans with the interest payments that these countries would have paid had they covered their financing needs in the...

https://www.esm.europa.eu/financial-assistance/lending-rates The EFSF and ESM lending rates aim to fully cover their funding and operational costs and reflect the varying risk profiles of each funding instrument.The average lending rates of pool funded loans, as of 30/09/2025, including margin and fees are 1.49% for ESM and 1.69% for EFSF:ESM1.49 %EFSF1.69...