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The ESM has defined clear risk management objectives and an established strategy to deliver them through appropriate governance and core risk management processes. The organisation’s approach to risk management derives from the ESM Treaty and the ‘High Level Risk Policy', which in summary are to:
The annual report contains a description of the ESM's policies, activities, financial statements and economic developments in 2015. Additionally, it contains an external auditor's report and a report of the Board of Auditors.
In December 2015, with the objective of diversifying funding instruments available, the EFSF announced the possibility to issue Namensschuldverschreibungen (N-Bonds). N-Bonds are registered bonds under German law issued in private placements. The objective is to improve the structure of the debt portfolio and to diversify further the existing investor base by offering a new investment possibility for mainly long-term investors.
The EFSF issues N-Bonds based on reverse inquiry via the EFSF / ESM Market Group Members.