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Austrian Finance Ministry: Harald Waiglein new chairman of EFSF Board of Directors Finance Minister Löger congratulates Director-General Waiglein on being elected 

Vienna (OTS) - Harald Waiglein has been elected the new chairman of the Board of Directors of the European Financial Stability Facility (EFSF). "I am delighted that he is taking on the central task as chairman of the EFSF Board of Directors and that Austria's commitment on the European stage is being appropriately recognized. Harald Waiglein is a recognized expert on economic and financial policy issues not only in Austria, but far beyond our national borders. In both professional and human terms, in his new role he will prove to be a great asset. I wish him all the best and every success in his new role," declared Austrian Finance Minister Löger, congratulating Waiglein on his success.

Since 2012, Waiglein has been Director-General for Economic Policy, Financial Markets and Customs at the Austrian Ministry of Finance, and will continue in this role. As chairman of the EFSF Board of Directors, he will be taking over from Dutchman Hans Vijlbrief, who is succeeding

Thomas Wieser as chairman of the Eurogroup Working Group and the EU Economic and Financial Committee.

The EFSF was established in 2010 in order, in the wake of the financial crisis, to provide States such as Greece with support for their balance of payments, subject to the introduction of reforms. The EFSF is owned by the Member States of the Eurozone; Austria holds a share of 2.77%. The EFSF's lending capacity totals EUR 440 billion; between 2011 and 2014, approximately EUR 190 billion was paid out in favour of Ireland, Portugal and Greece.

At the end of 2012, the EFSF was replaced by the permanent European Stability Mechanism (ESM) and as a result, since mid 2013, has not launched any further new financial aid programmes. Nevertheless, the organisation will remain active until all outstanding loans have been repaid. All key decisions are made by the EFSF Board of Directors in conjunction with the Eurogroup Working Group and the Eurogroup. Waiglein has been a member of the Boards of Directors of the EFSF and the ESM since 2012, as well as being a member of the ESM Risk Committee and the EFSF Audit Committee.