Financial Assistance
Programme Countries
Ireland
- ProgrammeEFSF 3-year programme
- PeriodDec 2010 - Dec 2013
- Total disbursed (€)€17.7 bn
- Loan repaymentsfrom 2029 to 2042
- Average maturity20.8 years
Greece
- ProgrammeESM 3-year programme
- PeriodAug 2015 - Aug 2018
- Total disbursed (€)€61.9 bn
- Loan repaymentsfrom 2034 - 2060
- Average maturity32.35 years
- ProgrammeEFSF 3-year programme
- PeriodMar 2012 - Jun 2015
- Total disbursed (€)€141.8 bn
- Loan repaymentsfrom 2023 to 2070
- Average maturity42.45 years
Spain
- ProgrammeESM programme to recapitalise the banking sector
- PeriodDec 2012 - Dec 2013
- Total disbursed (€)€41.3 bn
- Loan repaymentsfrom 2022 to 2027
- Average maturity12.5 years
Cyprus
- ProgrammeESM 3-year programme
- PeriodApr 2013 - Mar 2016
- Total disbursed (€)€6.3 bn
- Loan repaymentsfrom 2025 to 2031
- Average maturity14.9 years
Portugal
- ProgrammeEFSF 3-year programme
- PeriodMay 2011 - May 2014
- Total disbursed (€)€26 bn
- Loan repaymentsfrom 2025 to 2040
- Average maturity20.8 years
ESM/EFSF
Default
- completed programme
- ongoing programme
Highlights
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
Policy conditions and compliance assessments displayed for all reviews throughout a programme
Facts
2.2 %
Greece's estimated GDP growth in 2024
1.2 %
Ireland’s estimated GDP growth in 2024
1.7 %
Portugal’s estimated GDP growth in 2024
1.47 %
average interest rate on EFSF loans to Ireland (Q2 2024)
1.47 %
average interest rate on EFSF loans to Portugal (Q2 2024)
1.36 %
average interest rate on ESM loans to Greece (Q2 2024)
1.34 %
average interest rate on ESM loans to Spain (Q2 2024)
1.14 %
average interest rate on ESM loans to Cyprus (Q2 2024)
52652.6%
of Greek public debt is held by EFSF/ESM (as of 30/06/2020)
20
ESM shareholders
€295 bn
total amount of loans disbursed by ESM/EFSF
€25—30 bn
amount of bonds currently issued annually
€422 bn
ESM's remaining lending capacity (Forward Commitment Capacity)
€203.8 bn
total amount disbursed to Greece by EFSF and ESM
2.8 %
Cyprus's estimated GDP growth in 2024
82%
Percentage of ESM’s €500 bn lending capacity still available
€80.5 bn
ESM’s paid-in capital
252.5
EFSF/ESM disbursed 2.5 times more in loans than IMF from 2011-2015
5
countries have successfully completed EFSF/ESM programmes: Ireland, Spain, Portugal, Cyprus, Greece
49349.3%
of Greek public debt is held by EFSF/ESM (as of 30/09/2021)
€18.2 bn
Accumulated savings for the 5 programme countries in 2019 as a result of EFSF/ESM financing
42.5 years
Maximum weighted average maturity of EFSF loans to Greece
59%
Average interest rate charged by ESM on loans (31/12/2021)
70670.6%
Percentage of total external financial assistance for Greece provided by EFSF/ESM
€61.9 billion
Total amount disbursed to Greece under ESM programme
€5.4 billion
amount disbursed to Greece for bank recapitalisation in ESM programme
32 years
weighted average maturity of ESM loans to Greece
€1.5 billion
amount ESM disbursed to Cyprus for bank recapitalisation
2025
Date when Cyprus starts to repay its ESM loans. All payments due by 2031
€26 billion
amount disbursed to Portugal by its largest creditor, the EFSF
20.8 years
weighted average maturity of EFSF loans to Portugal
2025
Date when Portugal starts to repay its EFSF loan. All payments due until 2040
€12 billion
amount used by Portugal for bank recapitalisation (from total EFSF/EFSM/IMF loan amount of €78 bn)
91%
Average interest rate on EFSF loans to Portugal (30/06/2022)
€17.7 billion
amount disbursed to Ireland by EFSF
20.8 years
weighted average maturity of EFSF loans to Ireland
2029
Date when Ireland starts to repay EFSF loans. All payments due until 2042
555.5%
Ireland’s estimated GDP growth in 2022
About 20%
Percentage of total external assistance spent on bank recapitalisation
1361.36%
Average interest rate on EFSF loans to Ireland (31/12/2021)
€41.3 billion
amount ESM disbursed to Spain
8
number of Spanish banks recapitalised thanks to ESM funds
12.5 years
Weighted average maturity of ESM loans to Spain
2022
Date when Spain starts to repay its ESM loans. All payments due by 2027
€17.6 billion
amount of ESM loans repaid early and voluntarily by Spain
74%
Average interest rate on ESM loans to Spain (31/12/2021)
565.6%
Spain’s estimated GDP growth in 2022
14.9 years
Weighted average maturity of ESM loans to Cyprus
€6.3 billion
amount disbursed to Cyprus in the context of ESM programme
1231.23%
Average interest rate on ESM loans to Greece (31/12/2021)
€107 billion
reduction in Greece’s debt stock thanks to private sector haircut in March 2012
40 years
the longest ESM bond maturity (issued in Dec. 2015)
€7 bn
the largest ESM bond ever issued (in Oct. 2013)