Key points for this month:
- The pace of net PSPP purchases has rebounded in September and came back to pre-summer levels after low net purchases in August.
- The deviation from the capital key rule increased again (slightly) in September. The respective shares of German and French securities purchased under the PSPP are now very close (respectively 25.5% and 24.2% instead of 26.3 and 20.7%).
- The share of Finnish securities fell dramatically, to 0.4% of the PSPP (instead of 1.8%). However, the share of Portugal is stable and that of Ireland is climbing.
- In September, the average maturity of German purchases under the PSPP remained relatively low, at 6.6 years only, while it has kept climbing for supranationals (to 14.3 years).
- The ECB’s balance sheet accounts for around 38.5% of GDP. Excess reserves climbed further and are now close to €1800bn.
October 03, 2017