2022 year in review
EFSF Board of Directors approves reduction to zero of the step-up margin accrued by Greece between 17 June 2021 and 1 January 2022 as part of the medium-term debt relief measures agreed in 2018, saving Greece €122.5 million.
ESM and EFSF Boards of Directors approve the waiver of Greece’s mandatory prepayment obligation of ESM/EFSF loans tied to its early repayment to the International Monetary Fund and of the Greek Loan Facility.
With the ASEAN+3 Regional Macroeconomic Office (AMRO) and the Latin American Reserve Fund (FLAR), the ESM co-organises the 6th Joint Regional Financing Arrangements (RFAs) Research Seminar on international capital flows and spillovers, in partnership with the Indonesian G20 Presidency.
At its 10th Annual Meeting, the ESM Board of Governors approves the 2021 Annual Report. It also maintains the maximum lending volume at €500 billion and the authorised capital stock constant, while taking note of the intention to conclude a more comprehensive review, which will include a review of the ESM financial assistance instruments, by Q1 2024. In addition, it approves the allocation of funds towards the construction of a new ESM headquarters.
EFSF Board of Directors approves reduction of the step-up margin accrued by Greece from 1 January 2022 to 17 June 2022.
ESM Board of Governors appoints Christophe Frankel as ESM Managing Director for an interim period from 8 October 2022 to 31 December 2022 or such earlier date as a new Managing Director takes office.
ESM Managing Director Klaus Regling’s second and final mandate expires after 10 years with the institution. He also steps down as CEO of the EFSF.
ESM Secretary General Nicola Giammarioli represents the ESM at the 7th High-level RFA Dialogue held in Washington DC.
EFSF Board of Directors appoints Christophe Frankel as CEO.
ESM Board of Governors appoints Pierre Gramegna as Managing Director for a five-year term, with effect from 1 December 2022.
ESM Board of Governors approves Croatia’s accession to the ESM, the related amendments to the ESM Treaty, and the adjustment of the contribution key following the end of Estonia's temporary correction.
ESM Board of Governors approves new external auditor for the financial years 2023–2025.
EFSF Board of Directors appoints Pierre Gramegna as CEO.