+1 Added to my documents.
Please be aware your selection is temporary depending on your cookies policy.
Remove this selection here

ECB QE Monitor – December 05, 2017

 

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:

  • The figures of the ECB’s QE are more and more distorted by the redemptions/reinvestments and calculations are becoming less accurate.
  • The share of German bonds in the PSPP hit a new low at 25.3% (but is still only just below Germany’s theoretical weight). The Eurosystem is close to owning €450 bn of German securities. The share of Irish securities has rebounded strongly.
  • The average maturity of German purchases in November fell back to 6.8 years (estimation). The average maturity of purchases has been higher in France (10.6 years), Italy (8.3 years) and Spain (8.5 years).
  • The PSPP redemptions will account for €104 bn in the 12 coming months. They will be particularly important in April (23 bn).
  • The Eurosystem will pause APP purchases from 21 December to 29 December and. Purchases will resume on January 2.
  • Banks’ excess reserves hit €1.9 trn for the first time.
  • The Eurosystem’s balance sheet account for 39% of GDP and is close to become the biggest in the world in dollar terms (more than €4.4trn).

 

Amundi Research
December 05, 2017

ITHURBIDE Philippe , Global Head of Research
Send by e-mail
ECB QE Monitor – December 05, 2017
Was this article helpful?YES
Thank you for your participation.
0 user(s) have answered Yes.
Related articles