- In January, the ECB bought €53bn under the PEPP and €17.9bn under the APP.
- The ECB's balance sheet is now equivalent to 61% of euro area GDP compared to 39% at the start of 2020.
- PEPP:
- Pandemic bond-buying program was raised by €500bn euros to a total of €1,850 billion and extended by nine months to at least the end of March 2022.
- The ECB already used up around €810bn or 43% of its €1.85tn PEPP envelope.
- The pace of PEPP purchases in January was stable compared to the last 3 months and remained around € 50/60 billion.
- The ECB also published the bi-monthly detailed split for PEPP(Dec.2020-Jan.2021 at this release).
- Since the implementation of the PEPP, 95% of this envelope outstanding is in public sector securities
- Supranationals accounted for over 10% of public sector purchases for the first time since the programme's inception
- Germany, France, Italy and Spain all saw very slight upside deviations from the capital key over the Dec-Jan period
- APP
- In January 2021, ECB net asset purchases under APP declined to €17.9bn versus €21bn in December.
- In January 2021, APP by programme: PSPP (€13.7bn; 76.1% of total), CSPP (€4.9bn; 27.5%), CBPP3 (€0.1bn; 0.4%) and ABSPP (€-0.7bn; -4%).
- In January 2021, deviation of PSPP purchases from capital key proportions was in favor of France and Italy against Germany.
- Redemptions:
- APP redemptions in January 2021 will total €25.5bn, of which €15bn will be PSPP redemptions. Between January 2021 and January 2022, total APP redemptions will be €255bn, of which €196bn will be PSPP redemptions
