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20.01.2020 12

ECB QE Monitor - December 2019

Published January 20, 2020

5 to 10 minutes

5 to 10 minutes

THE ESSENTIAL


The Eurosystem started its QE in March 2015.

The 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)
  • June 14 2018 (decision to announced the end of QE in December 2018)
  • October 30 2019 (with the arrival of Christine Lagarde replacing Mario Draghi, decision announced to restart its QE: purchase €20bn of assets per month without end date)

Key points for this month

· Net APP purchases purchases in December slowed at €15.4bn after a sharp €24bn resumption of purchases in November

· PSPP
  • The average maturity of bonds redeemed under the PSPP was relatively stable at around 8.2 and 6.3 respectively in Spain and Germany
  • Monthly purchases: €12.5bn (€14.5bn in November)
  • PSPP monthly share of QE increased to 81% versus 60 % in November 2019
  • Net purchases concentrated mainly in France with €5.3bn
  • As of 31 December 2019, the Eurosystem had bought €2,103bn of bonds under the PSPP
· CSPP
  • Monthly purchase: €1.8bn (€5.9bn in November)
  • CSPP monthly share of QE decreases at 12% in December. Since the relaunch of QE, the share of CSPP has increased particularly rising to 23%
  • As of 31 December 2019, the Eurosystem had bought €185bn of Corporate bonds under the CSPP
· Reinvestment
  • PSPP Redemption in December €11bn (after €11bn in November)
  • €202bn of PSPP redemptions until December 2020 (€16.8bn per month)
  • €16bn of CSPP redemptions until December 2020 (€1.3bn per month)

 

To find out more, download the full article


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