European Financial Stability Facility (EFSF) is a government agency based in Luxembourg, Luxembourg. Founded in 2012, ESM was created as a temporary crisis resolution mechanism by the euro area Member States. The EFSF has provided financial assistance to Ireland, Portugal and Greece. The assistance was financed by the government agency through the issuance of bonds and other debt instruments on capital markets. The mission of EFSF is to safeguard financial stability in Europe by providing financial assistance to countries of the euro area. The board of directors is responsible for administration of the agency. The board of directors comprises a member for each one of its shareholders.