ESM programme (2015-2018): How much did the ESM disburse?

The ESM disbursed a total of €61.9 billion, out of a maximum programme volume of €86 billion. The unused amount mainly derives from the substantially lower recapitalisation needs of banks compared to what was originally foreseen (€5.4 billion used out of a maximum amount of €25 billion) and from more efficient management of cash resources by the Greek government.

It should be noted that in the ESM programmes for Spain and Cyprus, the amount disbursed was also lower than the maximum amount available under their respective programmes.