Cyprus Mail

Co-op money released

The European Stability Mechanism (ESM) disbursed on Friday €1.5 billion to Cyprus for the recapitalisation of the cooperative banking sector. The amount was disbursed in a cashless operation involving one series of 18-month ESM floating rate notes. The loan will be repaid in two equal instalments of €750 million, due in 2029 and 2030, respectively.

Cyprus has now received a total of €4.5 billion in ESM financial assistance out of a total committed amount of approximately €9 billion. The remaining €1 billion of the €10 billion international bailout will come from the International Monetary Fund.

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