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31 December 2018

Eu­ro­pean Fi­nan­cial Sta­bil­i­ty Fa­cil­i­ty (EFSF)

Overview of the most important figures on the EFSF financial assistance programmes updated on a regular basis (as of: 30 September 2018).

European Financial Stability Facility (EFSF)

Alongside the European Financial Stabilisation Mechanism (EFSM), the EFSF is one element of the temporary euro rescue package that was put together in 2010. Both instruments were replaced in mid-2013 by the permanent European Stability Mechanism (ESM). The EFSF provided stability assistance to Ireland, Portugal and Greece in the form of loans totalling approximately €174.6 billion. These EFSF programmes have now been completed on schedule or have expired. The EFSF will not disburse any more funds, and no new EFSF programmes will be launched.

Under section 1 (1) of the Stabilisation Mechanism Act ( Stabilisierungsmechanismusgesetz ), the German Federal Ministry of Finance is authorised to assume guarantees of up to €211 billion for the EFSF. Interest and costs are not offset against this authorised amount.

Graphic showing the utilisation of German guarantee facilities.

Graphic showing the Programme volumes in €bn for Ireland Portugal an Greece.

Ireland – Programme overview

The assistance programme for Ireland was completed as planned in December 2013. By the end of December 2017, Ireland had fully repaid, ahead of schedule, all funds provided under the IMF programme (19.5 billion in special drawing rights1) as well as the bilateral loans2 received from Sweden and Denmark.

The EFSF loans granted to Ireland have an average term of 20.8 years. Ireland must repay these loans in full between 2029 and 2042.

EFSF and EFSM

Date

EFSF

Maturity

EFSM3

Term (years)

12 January 2011

-

-

2.0

13

12 January 2011

-

-

1.0

19

12 January 2011

-

-

2.0

25

1 February 2011

1.9

1 August 2032

-

-

1 February 2011

1.7

1 February 2033

-

-

24 March 2011

-

-

2.4

145

24 March 2011

-

-

1.0

225

31 May 2011

-

-

3.0

10

29 September 2011

-

-

2.0

15

6 October 2011

-

-

0.5

225

10 November 2011

0.9

1 August 2030

-

-

10 November 2011

2.1

25 July 2031

-

-

15 December 2011

1.0

1 August 2030

-

-

12 January 2012

1.3

1 August 2029

-

-

16 January 2012

-

-

1.5

30

19 January 2012

0.5

1 July 2034

-

-

5 March 2012

-

-

3.0

20

3 April 2012

2.8

1 August 2031

-

-

3 July 2012

-

-

2.3

15

30 October 2012

-

-

1.0

15

2 May 2013

0.8

1 August 2029

-

-

18 June 2013

1.6

15 November 2042

-

-

27 September 2013

1.0

27 September 2034

-

-

4 December 2013

2.3

4 December 2033

-

-

25 March 2014

-

-

0.8

10

Total

17.7

-

22.5

-

Current loan volume in € billion

EFSF

EFSM1

Bilateral loans2

Total3

Total commitment (up to...)

17.7

22.5

4.8

45.0

Drawn

17.7

22.5

4.8

45.0

Not drawn

-

-

-

-

Repayments

-

-

-1.0

-1.0

Total4

17.7

22.5

3.8

  44.0

Portugal – Programme overview

The assistance programme for Portugal was completed on schedule in May 2014. Programme funds that were not released or disbursed can no longer be drawn. By the end of December 2018, Portugal had fully repaid, ahead of schedule, all funds provided under the IMF programme (22.9 billion in special drawing rights1).

The EFSF loans granted to Portugal have an average term of 20.8 years. Portugal must repay these loans in full between 2025 and 2040.

Present loan volumes in € billion

EFSF

EFSM2

Total3

Total commitment (up to...)

26.0

26.0

52.0

Disbursements

26.0

24.3

50.3

Not drawn

-

-1.7

-1.7

Repayments

-

-

-

Total3

26.0

24.3

50.3

EFSF and EFSM

Date

EFSF

Maturity

EFSM1

Term (years)

31 May 2011

-

-

1.8

10

1 June 2011

-

-

1.5

12

1 June 2011

-

-

2.3

20

1 June 2011

-

-

1.0

25

22 June 2011

3.7

1 July 2036

-

-

29 June 2011

2.2

3 December 2025

-

-

21 September 2011

-

-

5.0

10

29 September 2011

-

-

2.0

15

6 October 2011

-

-

0.6

223

20 December 2011

1.0

3 December 2025

-

-

12 January 2012

1.7

30 January 2035

-

-

16 January 2012

-

-

1.5

30

19 January 2012

1.0

18 July 2027

-

-

24 April 2012

-

-

1.8

26

4 May 2012

-

-

2.7

10

30 May 2012

3.5

30 May 2032

-

-

30 May 2012

1.7

30 May 2035

-

-

17 July 2012

1.5

17 July 2038

-

-

17 July 2012

1.1

17 July 2040

-

-

30 October 2012

-

-

2.0

15

3 December 2012

0.8

3 December 2028

-

-

7 February 2013

0.8

7 February 2026

-

-

27 June 2013

1.0

27 June 2033

-

-

27 June 2013

1.0

27 June 2034

-

-

22 November 2013

3.7

22 November 2033

-

-

25 March 2014

-

-

1.8

10

28 April 2014

1.2

28 April 2038

-

-

12 November 2014

-

-

0.4

15

Total2

26.0

-

24.3

-

Greece – Programme overview

In total, €73 billion were disbursed under the first programme for Greece (euro area share: €52.9 billion; IMF share: SDR 1 17.5 billion). Germany’s share of European bilateral loans under the first programme was approximately €15.2 billion. The funds made available by the IMF under the first programme were fully repaid ahead of schedule by 31 December 2016. All associated obligations towards the IMF have now been settled.

The EFSF’s second programme for Greece expired on 30 June 2015. Undisbursed programme funds can no longer be drawn. The IMF’s second programme for Greece ended on 15 January 2016. Approximately SDR1 13.6 billion were not disbursed.

The EFSF loans granted to Greece currently have an average term of 32.5 years. On 22 June 2018, towards the end of the ESM adjustment programme, the Eurogroup agreed on a further deferral of interest and amortisation by ten years as well as an extension of the maximum weighted average maturity by 10 years on EFSF loans. This was approved by the German Bundestag . These measures are currently undergoing technical implementation.

Present loan volumes of the second assistance programme in € billion

EFSF

Total commitment (up to...)

144.5

Disbursements

141.8

Not drawn

-2.7

Repayments

-10.9

Total2

130.9

IMF programme volume in SDR billion

Amount

Total commitment (up to...)

23.8

Disbursements

10.2

Not drawn

13.6

Repayments

-2.2

Total2

8.1

EFSF disbursements in € billion

Date

Purpose

Amount

Maturity

9 March 2012

Private sector involvement

29.7

2023 to 2042

9 March 2012

Accrued interest

4.9

2023 to 2042

19 March 2012

General programme funds and bank recapitalisation

5.9

2045 to 2050

10 April 2012

General programme funds and bank recapitalisation

3.3

2048

19 April 2012

General programme funds and bank recapitalisation

25.0

2052 to 2056

10 May 2012

General programme funds and bank recapitalisation

4.2

2049

28 June 2012

General programme funds and bank recapitalisation

1.0

2045

17 December 2012

General programme funds and bank recapitalisation

7.0

2046 to 2047

17 December 2012

General programme funds and bank recapitalisation

11.3

2023 to 2042

19 December 2012

General programme funds and bank recapitalisation

16.0

2051 to 2056

31 January 2013

General programme funds and bank recapitalisation

2.0

2051 to 2053

28 February 2013

General programme funds and bank recapitalisation

2.8

2049 to 2050

29 April 2013

General programme funds and bank recapitalisation

2.8

2043 to 2044

17 May 2013

General programme funds and bank recapitalisation

4.2

2050

30 May 2013

General programme funds and bank recapitalisation

7.2

-3

25 June 2013

General programme funds and bank recapitalisation

3.3

2051 to 2052

31 July 2013

General programme funds and bank recapitalisation

2.5

2047 to 2048

18 December 2013

General programme funds and bank recapitalisation

0.5

2050

28 April 2014

General programme funds and bank recapitalisation

6.3

2043 to 2045

9 July 2014

General programme funds and bank recapitalisation

1.0

2054

14 August 2014

General programme funds and bank recapitalisation

1.0

2055 to 2056

27 February 2015

Bank recapitalisation

-10.9

-

Total2

130.9

-