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EFSF programme for Greece (expired 30 June 2015)


 

The EFSF programme was part of the second package of financial assistance for Greece. Between 2012 and 2015, the EFSF disbursed €141.8 billion, of which €130.9 is currently outstanding. The IMF contributed an additional €12 billion in loans.
 

  Current repayment schedule for EFSF loans to Greece (effective from 15/04/2019)
 

Tranche Loan amount (€ bn) Maturity
Tranche A 23.4 Amortisation from 2049 to 2070
Tranche B 24.4 Amortisation from 2049 to 2070
Tranche C* 9.1 Amortisation from 2049 to 2070
Tranche D* 3.9 Amortisation from 2049 to 2070
Tranche E 15.9 Amortisation from 2051 to 2070
Tranche F 8.3 Amortisation from 2051 to 2070
PSI LM facility 29.7 Amortisation from 2023 to 2042
Bond Interest facility 4.9 Amortisation from 2023 to 2037
Debt-buy-back instalment 11.3 Amortisation from 2043 to 2049
Total 130.9  

*Final loan amount (after the roll-over of the bank recapitalisation loans)
Maximum weighted average maturity: 42.5 years

As a result of short-term and medium-term debt relief measures for Greece (approved by the EFSF Board of Directors in January 2017 and November 2018), the EFSF loan tranches were re-profiled twice. This involved an extension of the loan maturities; details are shown in the table below.
 

  Disbursed EFSF loan tranches to Greece and subsequent maturity extensions
 

Disbursement date Disbursed amount (€ bn) Cumulative disbursed amount (€ bn) Initial maturity  Maturity after 1st reprofiling (short-term measures Maturity after 2nd reprofiling (medium term-measures)
09/03/2012 34.6 34.6 Amortisation from 2023 to 2042 (No change) (No change)
19/03/2012 5.9 40.5 2047 Amortisation from 2045 to 2050 Amortisation from 2049 to 2070
10/04/2012 3.3 43.8 2041 2048 Amortisation from 2049 to 2070
19/04/2012 25.0 68.8 2018, 2019, 2020, 2021 and 2022 (interim maturities) Amortisation from 2052 to 2056 Amortisation from 2049 to 2070 and from 2051 to 2070
10/05/2012 4.2 73.0 2042 2049 Amortisation from 2049 to 2070
28/06/2012 1.0 74.0 2040 2045 Amortisation from 2049 to 2070
17/12/2012 7.0 81.0 Amortisation from 2044 to 2046 Amortisation from 2046 to 2047 Amortisation from 2049 to 2070
17/12/2012 11.3 92.2 Amortisation from 2023 to 2042 (No change) Amortisation from 2043 to 2049
19/12/2012 16.0 108.2 2022, 2023, 2024 (interim maturities) Amortisation from 2051 to 2056 Amortisation from 2049 to 2070 and from 2051 to 2070
31/01/2013 2.0 110.2 2043 Amortisation from 2051 to 2053 Amortisation from 2049 to 2070
28/02/2013 2.8 113.0 2043-2044 Amortisation from 2049 to 2050 Amortisation from 2049 to 2070
29/04/2013 2.8 115.8 2032 Amortisation from 2043 to 2044 Amortisation from 2049 to 2070
17/05/2013 4.2 120.0 2043 2050 Amortisation from 2049 to 2070
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 Amortisation from 2049 to 2070
31/07/2013 2.5 133.0 2048 Amortisation from 2047 to 2048 Amortisation from 2049 to 2070
18/12/2013 0.5 133.5 2050 (No change) Amortisation from 2049 to 2070
28/04/2014 6.3 139.8 2054 Amortisation from 2043 to 2045 Amortisation from 2049 to 2070
09/07/2014 1.0 140.8 2053 2054 Amortisation from 2049 to 2070
14/08/2014 1.0 141.8 2053 Amortisation from 2055 to 2056 Amortisation from 2049 to 2070
27/02/2015 -10.9 130.9      
(redelivery of EFSF
bonds not used by HFSF)1
(Current outstanding loan amount)  

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)

 

  Redemption profile (annual repayment amounts) for EFSF and ESM loans to Greece

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EFSF programme for Greece (expired 30 June 2015)

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