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ECB QE Monitor – July 09, 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 June amounted to €31.2bn up from 30.6 in May.

· PSPP

  • Monthly purchases: €24.9bn (€24.2bn in May)
  • PSPP monthly share of QE increase to 80% vs. 77% in May.
  • As of 29 June 2018, the Eurosystem had bought €2,011bn of bonds under the PSPP.

· CSPP

  • Monthly purchase: €5.5bn (€5bn in May)
  • CSPP monthly share of QE was at 18% above April. The share of CSPP has increased in 2018.
  • As of 29 June 2018, the Eurosystem had bought €162bn of Corporate bonds under the CSPP.

· Capital key deviation : 

  • Limited deviation from the capital Key for all countries of Eurozone

Reinvestment :

  • The ECB is considering buying more longer-dated bonds
  • PSPP Redemption in June €16.1bn (after €11.5bn in June and €6.1bn in April).
  • €145bn of PSPP redemptions until June 2019 (€12bn per month). An estimation of €180bn for the next year 2019.
  • Limited reinvestment on the CSPP: €5bn of CSPP redemptions until June 2019 (€0.4bn per month).

Amundi Research
July 06, 2018

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ECB QE Monitor – July 09, 2018
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