Commission disburses further €13 billion under SURE to six Member States

(Credit: Unsplash)

This article is brought to you in association with the European Commission.


The European Commission has disbursed €13 billion to six EU Member States in the sixth instalment of financial support under the SURE instrument. This is the third disbursement in 2021. As part of today’s operations, Czechia has received €1 billion, Belgium €2.2 billion, Spain €4.06 billion, Ireland €2.47 billion, Italy €1.87 billion and Poland €1.4 billion. This is the first time that Ireland has received funding under the instrument. The other five EU countries have already benefitted from loans under SURE.

These loans will assist Member States in addressing sudden increases in public expenditure to preserve employment. Specifically, they will help Member States cover the costs directly related to the financing of national short-time work schemes, and other similar measures that they have put in place as a response to the coronavirus pandemic, including for the self-employed. Today’s disbursements follow the issuance of the sixth social bond under the EU SURE instrument, which attracted a considerable interest by investors.

So far, 17 EU Member States have received a total of €75.5 billion under the SURE instrument in back-to-back loans. An overview of the amounts disbursed up to date and the different maturities of the bonds are available online here.

Overall, the Commission has proposed that 19 EU countries will receive €94.3 billion in financial support under SURE. This figure includes the additional €3.7 billion proposed by the Commission today for six Member States. The full amounts per Member State are online here. Member States can still submit requests to receive financial support under SURE which has an overall firepower of up to €100 billion.

To address Member States’ pending requests for 2021, the Commission will seek from the market further €13-€15 billion in the second quarter of 2021.

Later this year, the Commission is due to also launch the borrowing under NextGenerationEU, the recovery instrument of €750 billion to help build a greener, more digital and more resilient Europe.

Members of the College said

President Ursula von der Leyen said: “The crisis is tough on many workers, who fear for their jobs. This is why we have created SURE, to mobilise €100 billion in loans to finance short-time work schemes across the EU. Today we are disbursing a new tranche of €13 billion under SURE, supporting workers and companies in six Member States. This helps protect jobs and enables economies to recover faster from the crisis.”

Commissioner Johannes Hahn, in charge of Budget and Administration, said: “We are well in track to help business and people coping with these hard times. We have already delivered three fourths of the money committed for the SURE programme. Additional money will follow soon the second quarter.”

Commissioner Paolo Gentiloni, Commissioner for Economy, said: “As the effects of the pandemic continue to weigh on our economies, today the Commission is disbursing further significant financial support to six countries, including Ireland for the first time. This is a crucial contribution to national efforts to support workers through these difficult times. I’m proud of the European success story that is SURE.”

Background

On 23 March 2021, the European Commission issued the sixth social bond under the EU SURE.

The issuing consisted of two bonds, with €8 billion due for repayment in March 2026 and €5 billion due for repayment in May 2046.

The bonds attracted a strong demand from a wide range of investors, which ensured good pricing conditions that the Commission is directly passing on to the beneficiary Member States.

The bonds issued by the EU under SURE benefit from a social bond label. This provides investors in these bonds with confidence that the funds mobilised will serve a truly social objective.

the sting Milestones

Featured Stings

Can we feed everyone without unleashing disaster? Read on

These campaigners want to give a quarter of the UK back to nature

How to build a more resilient and inclusive global system

Stopping antimicrobial resistance would cost just USD 2 per person a year

Europe should make voice ‘more heard’ in today’s ‘dangerous world,’ says UN chief

The revenge of the fallen

Syrian crisis is ‘clearest example’ of foreign investment in terrorism, Deputy Prime Minister says at UN

This Syrian national has been trapped at Kuala Lumpur airport for 3 months

European Commission calls on national political parties to join efforts to ensure free and fair elections in Europe

Back to the Basics: Primary Healthcare

Learning lessons from across Europe – the hidden costs of COVID-19 on lung cancer

Eliminating gender based bias in medicine: the role of medical students

MEPs propose more transparent legislative drafting and use of allowances

Out with the old: Young People transforming Humanitarian Action

Parliament adopts deal to improve quality of tap water and reduce plastic litter

Mergers: Commission clears acquisition of Eaton Hydraulics by Danfoss, subject to conditions

5 ways to #BeatAirPollution

Security spillovers from Trump’s trade wars: China, Germany prepare for global disorder

Iceland’s slowdown underlines the need to fix structural issues

Wirecard: MEPs call for new audit rules, protection for whistle-blowers and EU supervision

Why salaries could finally be on the way up

Estonia: use robust growth to improve income equality and well-being

More funds needed to counter ‘persistent and multi-faceted humanitarian problems’ in Ethiopia

EU prolongs economic sanctions on Russia by six months

New energy security framework will help meet growing needs in East Africa, sustainably – UN economic wing

Postal workers in France are helping elderly people fight loneliness

We are witnessing a revolution in genomics – and it’s only just begun

Why transparency in drug pricing is more complicated than it seems

COP21 Breaking News_04 December: Launch of CREWS, climate risk & early warning systems

Merkel: Nationalism and egoism must never have a chance again in Europe

More funding needed to combat locust swarms ‘unprecedented in modern times’

Global warming: our responsibility

Beware the fragility of the global economy

Commission provides 20 cities with funding for innovative security, digital, environmental and inclusion projects

WHO and UNICEF in campaign to protect 1.6 million in Sudan from cholera

Falling inflation urges ECB to introduce growth measures today

Why are the financial markets shivering again?

‘Great Pacific Garbage Patch’ clean-up project launches trial run: UN Environment

EU labour mobility: Inconvenient truths for everybody

European Parliament and Eurovision sign partnership for European Elections

EU attempts to make new deal with Turkey as relations deteriorate

Technophobe or technophile? We need more conversation about digital transformation

‘Emulate his example’ urges UN chief as world celebrates Nelson Mandela: a ‘global advocate for dignity and equality’

MWC 2016 LIVE: Qualcomm looks to pick up Hamilton’s winning ways

EP and EU ministers agree on Erasmus+ programme for 2021-2027

My experience living with depression and schizophrenia in Thailand

Building cybersecurity capacity through benchmarking: the Global Cybersecurity Index

3 ways to rebuild trust in how we regulate technology

First calls under Horizon Europe to be launched by the European Research Council

Philanthropy must face a reckoning on race in 2021

New UN finance panel to push Global Goals forward

Conditions deteriorating alarmingly in Yemen, warns senior UN official

Commission reinforces tools to ensure Europe’s interests in international trade

EU mobilises emergency assistance for Croatia in the aftermath of devastating earthquake

Commission concludes that an Excessive Deficit Procedure is no longer warranted for Italy at this stage

Better ID card security to curb document fraud

Can we automate our way out of the savings crisis?

5 lessons for the future of universities

Things are bad and getting worse for South Africa. Or are they?

This is why AI has a gender problem

Commission paralysed before the banking leviathan

The world must pull together to stem the urgent crisis in our ocean

Alice in Colombia

The recipe for creativity involves a lot of ideas, and a short break

More Stings?

Advertising

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s