Ετήσια έκθεση του ESM / EFSF για το 2014

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Το παρακάτω κείμενο είναι η τελευταία ετήσια έκθεση του ESM / EFSF για το 2014. Στις σελίδες 29-30 καταγράφεται η πρόσθετη μείωση του ελληνικού δημόσιου χρέους σε καθαρή παρούσα αξία (πέραν της ονομαστικής μείωσης που επέφερε το PSI). Αυτό είναι το OSI ( official sector involvement ) που έγινε το 2012 και προσδιορίζεται σε 49% του ελληνικού ΑΕΠ του 2013, δηλαδή περίπου 100 δις ευρώ. Αυτό οφείλεται σε μείωση επιτοκίων, μακρά περίοδο χάριτος, μακρά περίοδο αποπληρωμής

Transcript of Ετήσια έκθεση του ESM / EFSF για το 2014

  • 2014ANNU A L R EPORT

    E U R O P E A N S T A B I L I T Y M E C H A N I S M

  • 2014ANNU A L R EPORT

    E U R O P E A N S T A B I L I T Y M E C H A N I S M

  • 2 | EUROPEAN STABILITY MECHANISM

    Table of contents

    Introduction to the ESM ...........................................................................................................................................................................................................................4Message from the Managing Director ....................................................................................................................................................................................... 6Letter of Transmittal to the Board of Governors ............................................................................................................................................................... 9

    01. ECONOMIC DEVELOPMENTS ...................................................................................................................................................................................... 11

    What have we learned from the euro area crisis? ......................................................................................................................................................12Macroeconomic and financial environment .........................................................................................................................................................................20Programme country experiences .................................................................................................................................................................................................26

    02. ESM ACTIVITIES ........................................................................................................................................................................................................................... 37

    Lending activities .........................................................................................................................................................................................................................................40Funding activities .........................................................................................................................................................................................................................................45Investment and Treasury .....................................................................................................................................................................................................................50Risk management ......................................................................................................................................................................................................................................53Communications ..........................................................................................................................................................................................................................................60

    03. INSTITUTIONAL FRAMEWORK ANDORGANISATION ......................................................................................................................... 63

    Governance ......................................................................................................................................................................................................................................................69Board of Governors ..................................................................................................................................................................................................................................72Board of Directors ....................................................................................................................................................................................................................................74Board of Auditors .......................................................................................................................................................................................................................................76Organisation ....................................................................................................................................................................................................................................................78

    04. FINANCIAL REPORT................................................................................................................................................................................................................. 85

    Financial Statements ...............................................................................................................................................................................................................................87

    05. EXTERNAL AUDITORS REPORT ON THE2014 FINANCIAL STATEMENTS.............................................................116

    06. REPORT OF THE BOARD OF AUDITORS ON THE 2014 FINANCIAL STATEMENTS ........................................118

    Acronyms and abbreviations ........................................................................................................................................................................................................120

  • ANNUAL REPORT 2014 | 3

    Boxes

    Current euro area policy toolbox would have made crisis milder .....................................................................................................................16Impact of EFSF lending on bond markets ..............................................................................................................................................................................17How Greece benefitted from European debt relief ........................................................................................................................................................29How macroeconomic imbalances are being corrected ............................................................................................................................................33ESM launches first technical assistance project ............................................................................................................................................................34How the ESM processes its financial transactions ......................................................................................................................................................38How the cost of funding is calculated .......................................................................................................................................................................................43ESM enjoys robust credit ratings .................................................................................................................................................................................................49Negative yields present new challenge to safeguarding capital .........................................................................................................................52ESMs financial assistance toolkit .................................................................................................................................................................................................64ESM develops last resort tool for Banking Union ...........................................................................................................................................................66Regional financial institutions ESM is the biggest by far .....................................................................................................................................67ESM establishes Administrative Tribunal to decide on staff employment matters ...........................................................................83ESM appoints first staff representatives ...............................................................................................................................................................................84

    Spotlight

    Throughout the report, we have spotlighted the views of each of the Finance Ministers of the euro area Member States. These quotes relate to the ESM and its role, not to the text of the pages on which they appear.

  • 4 | EUROPEAN STABILITY MECHANISM

    INTRODUCTION TO THE ESM

    The European Stability Mechanism (ESM) is a permanent crisis resolution mechanism established by the euro area countries. The ESMs mission is to provide financial assistance to ESM Members experiencing or threatened by severe financing problems to safeguard the financial stability of the euro area as awhole and of its Members.

    The Luxembourg-based ESM raises funds by issuing debt instruments, which are purchased by institutional investors. The proceeds enable the intergovernmental institution, in operation since 8October2012, to provide its Members the following types of financial assistance:

    loans to cover their financing needs;

    loans and direct equity injections to recapitalise financial institutions;

    credit lines to be used as precautionary financial assistance;

    primary and secondary debt market purchases of Member States national bonds.

    ESM financial assistance is linked to beneficiary Member States addressing weaknesses in their economies through reforms which are jointly agreed by that Member