Brussels, 19/05/2011 (Agence Europe) - The EFSF bailout fund and the European Commission, which oversees the EFSM bailout fund, have issued a timetable for the raising of funds on the money markets to lend on to Portugal (see EUROPE 10380). Various amounts will be raised on the markets between 23 May and 15 July in order to cover the first loan payments to Portugal and Ireland, to the tune of €15.3 billion in total, explained the Commission in a press release. The International Monetary Fund will provide additional loans to the two countries, as stipulated in their aid programmes.
In the first quarter of this year, the EFSM and EFSF raised €9.6 billion and €5 billion from the money markets respectively, to lend on to Ireland. The EFSF is planning to raise a further €3-€5 billion this year and up to €13 billion in 2012. The standard maturity of the AAA bonds issued by both bailout funds is between 5 and 10 years. Following the recent fact-finding mission in Ireland, the country's creditors have agreed to pay a further €3 billion, in addition to the €12 billion already paid out (see EUROPE 10381). (M.B./transl.fl)