The Governing Council aimed to maintain the size of its cumulative net purchases under each constituent programme of the APP at their respective levels as at the end of December 2018. €15 billion from October 2018 to December 2018īetween January 2019 and October 2019, the Eurosystem fully reinvested the principal payments from maturing securities held in the APP portfolios.€30 billion from January 2018 to September 2018.€60 billion from April 2017 to December 2017.
€80 billion from April 2016 to March 2017.€60 billion from March 2015 to March 2016.During the net asset purchase phase, monthly purchase pace averaged: third covered bond purchase programme (CBPP3)īetween October 2014 and December 2018 the Eurosystem conducted net purchases of securities under one or more of the asset purchase programmes.asset-backed securities purchase programme (ABSPP).public sector purchase programme (PSPP).corporate sector purchase programme (CSPP).The ECB’s Asset Purchase Programme (APP) is part of a package of non-standard monetary policy measures that also includes targeted longer-term refinancing operations, and which was initiated in mid-2014 to support the monetary policy transmission mechanism and provide the amount of policy accommodation needed to ensure price stability. Looking for information on the pandemic emergency purchase programme (PEPP)?