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