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ECB QE Monitor – October 03, 2018

The Eurosystem started its QE in March 2015.

The five main episodes have been:

March 9 2015 (decision to purchase €60 bn of assets per month until Sept. 2016),
December 3 2015 (decision to extend the QE it until March 2017),
March 10 2016 (decision to increase monthly purchases from €60 bn to €80 bn from April 2016)
December 8 2016 (decision to extend the QE until December 2017 at a reduced monthly pace of €60bn).
October 26 2017 (decision to extend the QE until September 2018 at a reduced monthly pace of €30bn)

Publication

Download the article in English

Key points for this month:

· Net APP purchases in September amounted to €29.7bn compared with €24.8bn in August.

· PSPP

Monthly purchases: €23.2bn (€22.6bn in August)
PSPP monthly share of QE decreases to 78% vs. 91% in August.
As of 28 September 2018, the Eurosystem had bought €2,117bn of bonds under the PSPP.

· CSPP

Monthly purchase: €4.1bn (€1.5bn in August)
CSPP monthly share of QE increases at 14% in September. The share of CSPP has increased in 2018.
As of 31 September 2018, the Eurosystem had bought €170bn of Corporate bonds under the CSPP.

· Capital key deviation :

Germany's capital key deviation is rising to its disadvantage. On the contrary, that of Italy decreases.

Reinvestment :

The ECB is considering buying more longer-dated bonds.
PSPP Redemption in September €6bn (after €0.85bn in August).
€154bn of PSPP redemptions until September 2019 (€12.8bn per month)
Limited reinvestment on the CSPP: €5.6bn of CSPP redemptions until September 2019 (€0.4bn per month).

Amundi Research
October 03, 2018

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