The European Financial Stability Facility (EFSF) was legally established by Euro area Member States on June 7.
The objective of the EFSF is to issue bonds and provide loans in conjunction with the IMF to cover the financing needs of Euro area Member States in difficulty subject to conditionality. Euro area Member States will provide guarantees up to a total of EUR 440 bn on a pro rata basis.
In this framework, the EIB is ready to provide treasury management services and administrative support to the EFSF through a service level contract. The EIB will not be a shareholder in the EFSF; it will not be managing the EFSF and it will not be involved in borrowing on behalf of the EFSF. The EIB's role would be similar to the back office support it provides already to a number of trust and other funds set up by the Commission and Member States.
For further information visit: www.efsf.europa.eu