Pandemic stimulates positive changes

The EFSF kicks off 2021 with record €70 billion order book on dual bond transaction.

ESM Members, represented by their Ambassadors to the EU, sign the Agreement Amending the Treaty Establishing the ESM. Due to a change of government, Estonia signs on 8 February.

EFSF BoD approves fourth successive reduction of step-up interest margin accrued by Greece from 17 June to 31 December 2020, as part of the medium-term debt relief measures agreed for the country in 2018, saving Greece €122.5 million.

ESM and EFSF BoD agree to waive Greece’s mandatory repayment obligation of ESM/EFSF loans tied to its early repayment to the International Monetary Fund.

ESM co-organises third annual Capital Markets Seminar with the European Investment Bank and European Commission, attracting nearly 1,000 investors from 30 countries.

ESM BoG holds its ninth Annual Meeting, approves the 2020 Annual Report, and discusses the main developments and key activities at the ESM over the past year, including its response to the Covid-19 pandemic and the ESM Treaty reform and new mandate. The BoG also benefits from a virtual address by International Monetary Fund Managing Director Kristalina Georgieva.

EFSF BoD approves reduction to zero of the step-up margin accrued by Greece from 1 January to 17 June 2021 as part of the medium-term debt relief measures agreed in 2018, saving Greece €103.3 million.

In close coordination with the ESM, Luxembourg's Ministry of Mobility and Public Works launches a Europe-wide competition for the design of a new headquarters for the ESM in Luxembourg.

ESM co-organises the 5^th Regional Financing Arrangements Research Seminar, centred on debt and growth in the post-pandemic world, in partnership with the Italian G20 Presidency.

ESM BoG appoints Akis Kikas and Jochen Wenz to the ESM BoA for three-year non-renewable terms, starting on 8 October.

The 6^th High-level Regional Financing Arrangements Dialogue, co-organised by the ESM, takes place.

ESM increases its hold-to-maturity tranche to €9.9 billion and its holdings in Environmental, Social, and Governance-themed bonds to €8 billion by year end.