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

ECB QE Monitor – September 04, 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 August slowed down to €24.8bn compared with €29.8bn in July.

· PSPP

  • Monthly purchases: €22.6bn (€25.02bn in July)
  • PSPP monthly share of QE increase to 91% vs. 83% in July.
  • As of 31 August 2018, the Eurosystem had bought €2,059bn of bonds under the PSPP.

· CSPP

  • Monthly purchase: €1.5bn (€3bn in July)
  • CSPP monthly share of QE slowed down at 6% in August. The share of CSPP has increased in 2018.
  • As of 31 August 2018, the Eurosystem had bought €166bn 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. Nevertheless in August 2018 as in December 2017, the redemptions realized were less than €1bn.
  • PSPP Redemption in August €0.85bn (after €16.1bn in July).
  • €150bn of PSPP redemptions until August 2019 (€12.5bn per month).
  • Limited reinvestment on the CSPP: €5.2bn of CSPP redemptions until August 2019 (€0.4bn per month).

Amundi Research
September 04, 2018

Send by e-mail
ECB QE Monitor – September 04, 2018
Was this article helpful?YES
Thank you for your participation.
0 user(s) have answered Yes.