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Glossary

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N-bonds

A short name for Namenschuldverschreibung, which are privately placed registered bonds under German law. They may be used as funding instruments by the ESM or the EFSF to complement other bond issuance.

National procedures

Procedures required by the law of individual ESM Members that must be completed for the representative of those countries in the ESM Board of Governors of Board of Directors to take certain decisions. Depending on the country and on the type of decision, the procedures may involve e.g. approval from the government, national parliament, or parliamentary consultation.

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