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ESM Board of Directors approves €150 million disbursement to Cyprus

Press releases
ESM

Athens – The Board of Directors of the European Stability Mechanism (ESM) approved today the disbursement of €150 million to Cyprus. This follows the positive assessment of the third quarterly review of Cyprus’s macroeconomic adjustment programme and approval of the supplemental Memorandum of Understanding (MoU) with Cyprus by the ESM Board of Governors.

ESM Managing Director Klaus Regling said: “This disbursement marks another successful completion of the review and the authorities’ commitment to the programme. It is important to maintain the reform momentum as many challenges still lie ahead.”

The current disbursement will bring the total amount of ESM financial assistance for Cyprus to €4.75 billion. The remaining portion of the approximately €9 billion committed to Cyprus by the ESM is scheduled to be paid in quarterly disbursements until 2016.

There is an online information package on the financial assistance programme for Cyprus at: http://www.esm.europa.eu/assistance/cyprus/index.htm

Contacts

Cédric Crelo
Head of Communications and Chief Spokesperson
+352 260 962 205

Anabela Reis
Deputy Head of Communications and Deputy Chief Spokesperson
+352 260 962 551

George Matlock
Senior Financial Spokesperson
+352 260 962 232

Juliana Dahl
Senior Economic Spokesperson
+352 260 962 654