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ECB QE Monitor - September 2020


Key points for this month:

  • The ECB's balance sheet is now equivalent to 54% of euro area GDP compared to 39% at the start of the year.
  • In August, the ECB reduces its purchases to €59bn on PEPP and €19bn on APP. This slowdown could be explained by the summer seasonality.
  • PEPP: the total net purchases under PEPP amount to €500bn since the launch of the program in March, out of an €1350bn envelope that could be used until end of June 2021. No granular details for PEPP were available in this release, as details on the PEPP composition (private/public or jurisdiction) are published on a bimonthly basis and the next one will be in early October.
  •  APP purchase in august decreased in comparison previous months
    • In August, ECB net asset purchases reached €19bn under APP.
    • In August, APP by programme: PSPP (€15.2bn; 79.2% of total), CSPP (€4bn; 20.9%), CBPP3 (€0.5bn; 2.6%) and ABSPP (€-0.5bn; -2.8%).
    • Between March and August, the ECB has already used around €90bn euros of the temporary envelope of additional net purchases of €120bn that will end on December 31, 2020.
    • Deviation of PSPP purchases from capital key proportions was in favor of Supranational and Germany against Spain, Italy.
  • Redemptions: APP redemptions in September 2020 will total €24bn, of which €18.9bn will be PSPP redemptions. Between September 2020 and August 2021, total APP redemptions will be €265bn, of which €205bn will be PSPP redemptions.


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BELLAÏCHE Mickael , Fixed Income Strategist
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ECB QE Monitor - September 2020
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