Key points for this month:
- The deviation from the capital key rule has been less intense in July as the share of French securities declined slightly. The share of German securities remains slightly below Germany’s weight at the ECB capital.
- The average maturity of German purchases remained low at 5.3 years in July. However, the average maturity has increased for French and Italian securities to reach new highs (respective-ly 14.7 and 10.8 years)
- There has been no slowdown of APP purchases in July.
- The Eurosystem holds now more than €400 bn.
- The amount of banks’ excess reserves hit €1750 bn.