ECB QE Monitor – April 11, 2018 / 2018 / ECB QE Monitor / Publications / Research Center

ECB QE Monitor – April 11, 2018

The Eurosystem started its QE in March 2015.

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)

Net APP purchases in March: €30.9bn
PSPP monthly share of QE hit a new low. The PSPP has been cut more in 2018 than the CSPP.
- ECB’s guidance: the private sector programme would remain sizable
- Increase in Eur non-financial issuance in March
- PSPP redemptions were lower in March than in February (€3.9bn vs. €6.3bn)
Capital key deviation.
- Spain recorded the highest capital key deviation in its favour since the beginning of the PSPP.
Redemptions coming in April:
- PSPP redemptions are estimated at €22.6bn (a record in 2018).
- CSPP redemptions remains very limited

Amundi Research
April 11, 2018

ITHURBIDE Philippe , Global Head of Research

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