ESM disburses €1.5 billion to Cyprus
Luxembourg – The European Stability Mechanism (ESM) disbursed today €1.5 billion to Cyprus for the recapitalisation of the cooperative banking sector. The amount was disbursed in a cashless operation involving one series of 18-month ESM floating rate notes (FRN). The loan will be repaid in two equal instalments of €750 million, due in 2029 and 2030, respectively.
Cyprus has now received a total of €4.5 billion in ESM financial assistance out of a total committed amount of approximately €9 billion.
There is an online information package on the Cyprus programme at: http://www.esm.europa.eu/assistance/cyprus/index.htm