An overview of amounts disbursed and repaid for all EFSF/ESM programmes
During EFSF/ESM financial assistance programmes, loans to beneficiary countries are provided in one or more tranches, which may each consist of one or more disbursements. The ESM Board of Directors (where all 19 ESM Members are represented) decides on the disbursement based on a proposal from the Managing Director, taking into account the European Commission’s report on the compliance with the agreed reforms by the beneficiary ESM Member.
Each disbursement has a pre-defined purpose determining how a beneficiary country should use the funds. A common use of EFSF/ESM programme funds has been to finance a country’s budget, known as fiscal needs, but there are also other country-specific uses. In the Spanish programme, for example, the Spanish government dedicated the entire amount the ESM disbursed to bank recapitalisation.
For early EFSF disbursements to Ireland and Portugal, so-called back-to-back funding was applied – which means that certain EFSF bonds were earmarked to finance a loan to a beneficiary country so that the size and maturity of the EFSF bond exactly matched the amount and maturity of the loan.
This type of funding was largely replaced by a strategy under which funds raised through bond and bill issuances are not attributed to a particular beneficiary country. Instead, under this diversified funding strategy, funds are raised through a variety of instruments, then pooled and disbursed to programme countries. The only type of loan where back-to-back funding continued to be used were loans to beneficiary countries for bank recapitalisation. Disbursements for this purpose are cashless – provided in the form of EFSF or ESM bonds and/or bills. Standard EFSF/ESM loans, provided as part of a macroeconomic adjustment programme, were disbursed in cash.
A proposal for a financial assistance facility agreement, including the financial terms and conditions and the choice of instruments, which is prepared by the ESM Managing Director and submitted for adoption by the Board of Governors, as part of the establishment of a new facility.
A funding strategy under which the ESM and EFSF make use of pools of short- and long-term funding instruments to fund loans.
Issuances of ESM funding instruments which are intended to fund specific disbursements of financial assistance, and which have the same financial profile in terms of amount, time of issue, currency, repayment profile, final maturity and interest basis, as the disbursed loan.
The weighted average repayment period (in years) of all loan tranches provided by the ESM or EFSF to a particular beneficiary country.
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
Policy conditions and compliance assessments displayed for all reviews throughout a programme
Economic indicators for programme countries as recorded in review reports
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