An overview of amounts disbursed and repaid for all EFSF/ESM programmes
The ESM provides financial assistance to beneficiary countries on the condition that they adjust their economic policies to overcome the problems that led them to seek financial aid. This requirement, known as conditionality, usually specifies reforms aimed at eliminating or reducing weaknesses in the beneficiary country’s economy, restoring competiveness, and regaining market access. These policy conditions are listed in a Memorandum of Understanding (MoU), which is signed by the beneficiary country and the European Commission, and approved by the ESM Board of Governors.
During each programme, the implementation of the agreed reforms is verified. For this purpose, review missions with representatives of the European Commission, in liaison with the ECB, ESM, and the IMF (when applicable), periodically meet with the beneficiary country’s authorities. Further disbursements are made only if the institutions positively assess reform implementation.
The Conditionality dashboard allows users to view the full range of policy conditions for each programme, as well as the compliance assessment as presented in reports published after each review mission.
The findings of programme review missions are summarised in review or compliance reports. The content of these reports, as well as the original Memorandum of Understanding (MoU), are the primary sources for this database on conditionality. The reporting format of the six programmes covered was often inconsistent. One important aim of this database is to make certain key concepts consistent without re-evaluating or altering historical records.
During reviews, the compliance with due conditions is assessed and the MoU is redrafted. However, it is challenging to determine the degree of compliance with an initial condition in the review reports as it is sometimes hard to follow to which exact condition a certain compliance assessment is related to, and how it was modified across subsequent reviews. For the purpose of this database, automatic and manual matching techniques have been applied to make it possible to relate assessment to condition and display specific conditions across time in a consistent manner. In addition, the degree of compliance as well as the sector-grouping were harmonised across programmes. Programme experts from the European Stability Mechanism and the European Commission reviewed the grouping of conditions in the dashboard prior to the publication of the database.
When downloading the data in spreadsheet form, the additional columns ‘Sector (original)’, and ‘Assessment status (original)’, refer to the heading and assessment as written in the original document. In addition, the spreadsheet includes links to the source documents and page reference.
A document negotiated and signed on behalf of the ESM by the European Commission, in liaison with the ECB, the IMF (where applicable) and programme countries, detailing the policy conditions to be implemented in exchange for financial assistance.
A specific action that must be taken in order to complete the current review, so that an instalment (EFSF) or a tranche (ESM) of financing can be approved.
A specific action that needs to be complied with throughout the programme.
A specific action that needs to be completed as part of a future review. Key deliverables become prior actions as the programme progresses.
A specific action that must be taken relatively soon after the current review is completed, and which is linked to the release of a disbursement of financing, which was relevant to certain cases where a tranche was released in multiple disbursements.
Any other requirement for the beneficiary country as stated in the MoU.
A non-binding clause in the MoU.
Loan disbursements displayed as per use of funds, lending contracts, and funding strategy
Loan repayment profiles, viewable at different points in time and for individual lending contracts
Historic payment flows (interest, fees, and principal) between the EFSF/ESM and programme countries
Economic indicators for programme countries as recorded in review reports
If you have any feedback about the data presented in this database, or the functioning of the dashboard tool, please contact us.