2018 year in review 8 February 2018 ESM BoD approves Spanish request to make two voluntary early repayments towards its ESM loan, totalling €5 billion. 8 February 2018 EFSF BoD elects Austrian Harald Waiglein as new Chairperson. 8 February 2018 22 March 2018 Following the third review of its programme, the BoG approves the Supplemental MoU with Greece. Five days later the BoD approves a €6.7 billion loan tranche and the release of a €5.7 billion disbursement. 22 March 2018 29 June 2018 The Euro Summit agrees to further strengthen the ESM. 29 June 2018 1 August 2018 Following the fourth review of its programme, the BoG approves the Supplemental MoU with Greece. The BoD approves a €15 billion loan tranche to the country. 1 August 2018 20 August 2018 Greece officially concludes and exits from its three-year ESM financial assistance programme, finalising the last of the rescue funds’ programmes entered into since 2012. 20 August 2018 20 September 2018 ESM BoD approves an additional €3 billion early repayment from Spain. 20 September 2018 8 October 2018 BoG appoints Irena Petruškevičienė and Noel Camilleri as members of the BoA, each for a non-renewable three-year term. 8 October 2018 10 October 2018 Third High-level Dialogue of Regional Financing Arrangements, co-organised by the ESM, takes place in Bali, Indonesia, on the margins of the annual meeting of the International Monetary Fund and the World Bank Group. 10 October 2018 16 October 2018 ESM issues $3 billion in bonds, its second deal in the US dollar market. 16 October 2018 14 November 2018 ESM and European Commission agree on a joint position for their future cooperation in anticipation of the broadening of the ESM’s mandate. 14 November 2018 22 November 2018 EFSF BoD approves the implementation of a set of medium-term debt relief measures for Greece. 22 November 2018 14 December 2018 Euro Summit endorses a package of proposals on deepening EMU, including strengthening the ESM in full respect of the Commission and ECB competences as laid down in the EU legal framework. This includes providing a backstop to the SRF; a stronger role for the ESM in designing, negotiating, and monitoring future programmes; a joint position on future cooperation between the European Commission and the ESM; improving the effectiveness of ESM precautionary credit lines; and greater involvement in debt sustainability issues. 14 December 2018