• ECB QE Monitor
    • EN
19.05.2020 16

ECB QE Monitor - April 2020

Published May 19, 2020

5 to 10 minutes

5 to 10 minutes

Key points for this month


· ECB programs: €1,110bn of purchasing power in 2020, or around €110bn / month by the end of the year.
  • APP (Asset Purchase Programme): €20bn euros per month and a temporary envelope of €120bn euros spread over March-December (remaining: €70.4bn).
  • PEPP (Pandemic Emergency Purchase Programme): €750bn spread over April-December (remaining: €631.2bn).
  • Sovereign (PEPP and CSPP): net purchases will be around €90bn/month up to end of the year.
  • Corporate (PEPP and CSPP): net purchases will be around €10bn/month up to end of the year.
· The ECB continued its high pace of net asset purchases
  • In April, the ECB bought €157.3bn of assets: APP (€38.5bn) and PEPP (€118.8bn).

· APP monthly net purchases by country: massive deviation from capital keys in favour of Italy, France and Spain against Germany and the Netherlands.

  • APP breakdown by country: Italy (€10.9bn), France (€8.3bn), Spain (€4.3bn) and Germany (€3.0bn).
  • Theoretical net purchases with capital key by country: Italy (€5bn), France (€6bn), Spain (€3.6bn) and Germany (€7.8bn).
· APP monthly net purchases by program:
  • PSPP (€29.6bn), CSPP (€5.6bn), CBPP3 (€3.6bn) and ABSPP (€-0.3bn).
  • Since restart of QE in November 2019, the proportion by programme is: PSPP (68%), CSPP (19%), CBPP3 (11%) and ABSPP (3%). Note that the PSPP proportion is significantly lower than the proportion of 80% that the ECB bought until December 2018.
· APP reinvestment :
  • PSPP Redemption in April 2020 increased to €30.3bn (after €13.2bn in March 2020).
  • PSPP redemptions will reach €195bn until April 2021 (€16.2bn per month).
  • CSPP redemptions will reach €16.8bn until April 2021 (€1.4bn per month).
· ECB will publish PEPP purchases by countries bi-monthly.

To find out more, download the full article

This website is solely for informational purposes.
This website does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any security or any other product or service. Any securities, products, or services referenced may not be registered for sale with the relevant authority in your jurisdiction and may not be regulated or supervised by any governmental or similar authority in your jurisdiction.
Furthermore, nothing in this website is intended to provide tax, legal, or investment advice and nothing in this website should be construed as a recommendation to buy, sell, or hold any investment or security or to engage in any investment strategy or transaction. There is no guarantee that any targeted performance or forecast will be achieved.

Get in touch with us

Our online help service is available to answer your question

My personal information

If you have a question about our company or one of our products, please complete the form to get in touch. Please do not mention your account numbers or critical data in this form.


(*) Required fields
All our job offers (Permanent and temporary position, Internship, Apprenticeship or VIE) are available on our dedicated website: https://jobs.amundi.com.

Register and apply directly online.

Amundi on Twitter