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EFSF programme for Greece (expired 30 June 2015)


Smoothing repayment profile of EFSF loans to Greece

On 23 January 2017, the ESM and EFSF Boards of Directors adopted the rules implementing a set of short-term debt relief measures for Greece. One of these measures was the smoothing of Greece’s EFSF repayment profile, which was completed on 10 February 2017. In the table below, showing all loan tranches disbursed by the EFSF, the column ‘Maturity after reprofiling’ shows the new loan maturities in place as a result of the smoothing of the repayment profile.

 

Disbursement date Disbursed amount (€ bn) Cumulative disbursed amount (€ bn) Previous maturity  Maturity after reprofiling
09/03/2012 34.6 34.6 Amortisation from 2023 to 2042 (No change)
19/03/2012 5.9 40.5 2047 Amortisation from 2045 to 2050
10/04/2012 3.3 43.8 2041 2048
19/04/2012 25.0 68.8 Amortisation from 2034-2039 and 2043-2046 Amortisation from 2052 to 2056
10/05/2012 4.2 73.0 2042 2049
28/06/2012 1.0 74.0 2040 2045
17/12/2012 7.0 81.0 Amortisation from 2044 to 2046 Amortisation from 2046 to 2047
17/12/2012 11.3 92.2 Amortisation from 2023 to 2042 (No change)
19/12/2012 16.0 108.2 2022, 2023, 2024 (interim maturities) Amortisation from 2051 to 2056
31/01/2013 2.0 110.2 2043 Amortisation from 2051 to 2053
28/02/2013 2.8 113.0 2043-2044 Amortisation from 2049 to 2050
29/04/2013 2.8 115.8 2032 Amortisation from 2043 to 2044
17/05/2013 4.2 120.0 2043 2050
31/05/2013 7.2 127.2 (Loan repaid on 27/02/2015)  
25/06/2013 3.3 130.5 2045 Amortisation from 2051 to 2052
31/07/2013 2.5 133.0 2048 Amortisation from 2047 to 2048
18/12/2013 0.5 133.5 2050 (No change)
28/04/2014 6.3 139.8 2054 Amortisation from 2043 to 2045
09/07/2014 1.0 140.8 2053 2054
14/08/2014 1.0 141.8 2053 Amortisation from 2055 to 2056
27/02/2015 -10.9 130.9    
(redelivery of EFSF bonds not used by HFSF)1 (Current outstanding loan amount)  
Weighted average maturity: 32.45 years

Note: All amortisations listed in the table are constant amortisations, i.e. the repayment of the loan tranche is equally distributed per year during the repayment period
1 On 27/02/2015, the Hellenic Financial Stability Fund (HFSF) redelivered €10.9 bn in bonds issued by the EFSF for the recapitalisation of Greek banks. This comprised: a full repayment of the €7.2 bn disbursed on 31/05/2013; and a partial repayment of €3.7 bn of the loan tranche disbursed on 19/12/2012)

Overview of EFSF financial assistance for Greece 

 

EFSF financial assistance for Greece (€ bn), comprising (below) Disbursed (€bn)
PSI participation: PSI facility 29.7
Accrued Interest facility 4.9
Master Financial Assistance Facility Agreement Bank recapitalisation 37.3
Budget financing 47.8
Debt buy-back 11.3
TOTAL 130.9

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EFSF programme for Greece (expired 30 June 2015)

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