The ECB holds €1689 bn of bonds purchased under the PSPP. In the same way as the Fed, the ECB has announced that it would reinvest the bonds reaching maturity “for as long as necessary”. The first PSPP purchases occurred in March 2015 while the minimum maturity for the bonds was 2 years (it has been lowered to 1 year as the beginning of 2017). As a consequence, the bonds purchased under the PSPP have started to mature in March 2017, but the amounts have been very limited so far. For the time being, only €10.7 bn PSPP bonds have matured (out of the 249 bn purchased over the period March 2015 – July 2015) and have been reinvested. However, the quantity of reinvestments are going to rise rapidly in 2018 as the Bundesbank has purchased bonds a very low maturity since the beginning of the year.