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“Safeguarding the Euro – the inside story of the ESM”
Book presentation by the ESM and the European Commission
Brussels, 29 October 2019
(Please check against delivery)
Welcome everyone.
Thank you, Valdis, for taking the time to be here today.
And thank you to the colleagues from the Commission who were involved in the preparation of this event.
The Boards of Directors of the European Stability Mechanism (ESM) and European Financial Stability Facility (EFSF) agreed today to waive the mandatory repayment obligation of ESM/EFSF loans in connection with a partial early repayment by Greece to the International Monetary Fund (IMF).
This paper develops an early warning model of systemic banking crises that combines regression tree technology with a statistical algorithm to improve its accuracy and overcome some drawbacks of more standard models.
Author: Carmine Gabriele (ESM)
Abstract:
Luxembourg – The European Stability Mechanism (ESM) today raised €3.5 billion by issuing a new long 5-year bond, the first under Luxembourgish law, and completed its fourth quarter funding needs.
“The latest issuance completes the funding requirements for the ESM this year, as well as fills an important maturity on the euro-denominated yield curve. We were pleased that it offered relative value for bank treasuries and attracted strong demand from many public institutions,” said Siegfried Ruhl, ESM Head of Funding and Investor Relations.