CINXE.COM

<!DOCTYPE html> <html lang="et"> <head> <meta charset="utf-8"> <link rel="preload" href="/shared/dist/fonts/opensans_fixed/OpenSans-Regular.woff2" as="font" crossorigin> <link rel="preload" href="/shared/dist/fonts/opensans_fixed/OpenSans-SemiBold.woff2" as="font" crossorigin> <link rel="preload" href="/shared/dist/fonts/opensans_fixed/OpenSans-Bold.woff2" as="font" crossorigin> <link rel="preload" href="/shared/dist/fonts/ecb-iconset/ECB-icon-set.woff2" as="font" crossorigin> <link rel="icon" href="/fav.ico" sizes="16x16"> <link rel="icon" href="/favicon-16.png" sizes="16x16"> <link rel="icon" href="/favicon-32.png" sizes="32x32"> <link rel="icon" href="/favicon-64.png" sizes="64x64"> <link rel="icon" href="/favicon-128.png" sizes="128x128"> <link rel="icon" href="/favicon-192.png" sizes="192x192"> <link rel="icon" href="/favicon-256.png" sizes="256x256"> <link rel="shortcut icon" href="/favicon-196.png" sizes="196x196"> <link rel="apple-touch-icon" href="/favicon-152.png" sizes="152x152"> <link rel="apple-touch-icon" href="/favicon-180.png" sizes="180x180"> <title>Asset purchase programmes</title> <link rel="canonical" href="https://www.ecb.europa.eu/mopo/implement/app/html/index.en.html"> <meta name="author" content="European Central Bank"> <meta name="description" content="outright monetary transactions"> <meta name="viewport" content="width=device-width, initial-scale=1.0, viewport-fit=cover"> <script> var ECB = {}; ECB.currentLanguage = 'et'; ECB.isoLocalLanguageName = 'Eesti keel'; ECB.isLive = true; ECB.version = '2646225'; ECB.navigationVersion = '1732198280'; ECB.clientTimeError = 1732503374 - (new Date().getTime()); ECB.availableLanguages = [{"en": "English"}]; </script> <link rel="stylesheet" href="/shared/dist/css/main-ecb.min.css?2646225" media="all"> <meta name="twitter:card" content="summary"> <meta name="twitter:site" content="@ecb"> <meta name="explainerDate" content="1. jaanuar 1970"> <meta property="og:type" content="article"> <meta property="og:type" content="website"> <meta property="og:title" content="Asset purchase programmes"> <meta property="og:url" content="https://www.ecb.europa.eu/mopo/implement/app/html/index.et.html"> <meta property="og:image:secure_url" content="https://www.ecb.europa.eu/mopo/implement/app/html?d41d8cd98f00b204e9800998ecf8427e"> <meta property="og:image" content="https://www.ecb.europa.eu/mopo/implement/app/html?d41d8cd98f00b204e9800998ecf8427e" > <meta property="og:image:width" content="1200"> <meta property="og:image:height" content="600"> <meta property="og:description" content="outright monetary transactions"> <meta property="og:site_name" content="European Central Bank"> <noscript> <style> .accordion .content-box { display: block; } </style> </noscript> <script type="text/javascript"> /*! ecb - v2.0.0 - European Central Bank */ var ECB=window.ECB||{};ECB.fast=ECB.fast||{},ECB.slow=ECB.slow||{},ECB.supports=ECB.supports||{},ECB.fast.annexSwap=function(){var t,e,n=document.querySelector(".section-press .address-box + .definition-list");n&&(t=(e=(t=(e=(t=n.previousElementSibling).previousElementSibling)&&e.classList.contains("related-topics")?e:t).previousElementSibling)&&e.classList.contains("footnotes")?e:t).parentNode.insertBefore(n,t)},ECB.fast.attribution=function(n){var t=n.style.backgroundImage||n.src;t=(t=t.replace('url("',"")).replace('")',""),n.src&&(n=n.closest("picture"));t&&!function(t){t=t.replace('url("',"");var e=document.location.protocol+"//"+document.location.hostname;return(-1!==t.indexOf("http")||-1!==t.indexOf('url("//'))&&!t.startsWith(e)}(t)&&ECB.fast.exif.getArtist(t,function(t){var e;0<t.length&&!n.classList.contains("-attribution")&&(n.classList.add("-attribution"),n.insertAdjacentHTML("beforeend",'<span class="attribution"><span class="attribution-details">'+(t.startsWith("©")?"":"© ")+t+'</span> <button aria-label="Photographer"></button></span>'),(e=n.querySelector(".attribution button")).addEventListener("click",function(t){return e.parentElement.classList.toggle("-active"),t.preventDefault(),t.stopPropagation(),!1}))})},ECB.fast.authorMove=function(){let t=document.getElementById("side-authors");var e;t&&(e=Array.from(document.querySelectorAll("aside > *")).reduce(function(t,e){return t+e.clientHeight},0),t.style.marginTop=Math.max(110,e)+50+"px")},ECB.fast.connector=function(t){function e(t){t.classList.contains("-gradient-upper")&&(i="-gradient-upper"),t.classList.contains("-dark-grey")&&(o="-dark-grey"),t.classList.contains("-light-grey-blue")&&(i="-transparent-light-grey",o="-transparent-blue");var e="<div class='upper-connection "+i+"'></div> <div class='lower-connection "+o+"'></div>";t.insertAdjacentHTML("afterend",e)}function a(t,e){return t.classList.contains(e)}function n(t,e){for(var n=0;n<e.length;n++)if(a(t,e[n]))return 1}var r=(t=t||document).querySelectorAll(".connector"),i="-transparent-blue",o="-light-blue";if(0<r.length)e(r[r.length-1]);else{var s=Array.from(t.querySelectorAll(".contact-box, .see-also-boxes, .carousel, .promo-box, .contact-box, .explainer-box"));if(s.length){var l=s[0],c=l.previousElementSibling;if(c&&"DIV"==c.tagName&&!a(c,"title")){for(var u=l.nextElementSibling,g=!1;null!=u;)a(u,"in-this-section")||"SCRIPT"==u.tagName||"STYLE"==u.tagName||(-1==s.indexOf(u)?g=!0:g&&(c=(l=u).previousElementSibling,g=!1)),u=u.nextElementSibling;g||(c.classList.add("connector"),n(c,["section","intro","boxes","accordion","definition-list","tags"])&&c.classList.add("-gradient-upper"),n(c,["jumbo-box"])&&a(c,"-dark-blue")&&c.classList.add("-light-grey-blue"),a(l,".carousel")||c.classList.add("-dark-grey"),e(c))}}}},ECB.fast.exif=function(){function i(t,e,n){return function(t,e,n){var a,r,i,o="";for(n=e+n;e<n;)switch((a=t.getUint8(e++))>>4){case 0:case 1:case 2:case 3:case 4:case 5:case 6:case 7:o+=String.fromCharCode(a);break;case 12:case 13:r=t.getUint8(e++),o+=String.fromCharCode((31&a)<<6|63&r);break;case 14:r=t.getUint8(e++),i=t.getUint8(e++),o+=String.fromCharCode((15&a)<<12|(63&r)<<6|(63&i)<<0)}return o}(t,e,n)}function o(t,e,n){if("exif"!=i(t,e,4).toLowerCase())return!1;var a,e=e+(n?8:6);if(18761==t.getUint16(e))a=!1;else{if(19789!=t.getUint16(e))return!1;a=!0}return 42==t.getUint16(e+2,!a)&&(!((n=t.getUint32(e+4,!a))<8)&&function(t,e,n,a){for(var r,i=t.getUint16(n,!a),o=0;o<i;o++)if(315===t.getUint16(r=n+12*o+2,!a))return s(t,r,e,a);return""}(t,e,e+n,a))}var s=function(t,e,n,a){var r=t.getUint32(e+4,!a),n=t.getUint32(e+8,!a)+n;return i(t,4<r?n:e+8,r-1)};return{getArtist:function(t,e){function n(t){t=function(t){var e=new DataView(t),n=!1;if(1380533830==e.getUint32(0)&&1464156752==e.getUint32(8)&&1448097880==e.getUint32(12)){if(!(e.getUint8(20)&8))return!1;n=!0}else if(255!=e.getUint8(0)||216!=e.getUint8(1))return!1;var a=2,r=t.byteLength;if(n)for(a=16;a<r;){if(a+=e.getUint32(a,!0)+4,"EXIF"==i(e,a,4))return o(e,a,!0,e.getUint32(a,!0));a+=4}else for(;a<r;){if(255!=e.getUint8(a))return!1;if(225==e.getUint8(a+1))return o(e,a+4,!1,e.getUint16(a+2));a+=2+e.getUint16(a+2)}}(t);e.call(window,t||"")}var a=new XMLHttpRequest;a.onload=function(){200!=this.status&&0!==this.status||n(a.response),a=null},a.open("GET",t,!0),a.responseType="arraybuffer",a.send(null)}}}(),ECB.fast.isLoading=function(){for(var t=document.querySelectorAll(".-is-loading"),e=0;e<t.length;e++)t[e].insertAdjacentHTML("afterbegin","<div class='is-busy'> Loading ... </div>")},ECB.fast.langLinks=function(){if(ECB.fast.isEuLanguage=!!document.querySelector("#language-values a[lang="+ECB.currentLanguage+"]:not([specialLang])"),ECB.fast.isEuLanguage&&"en"!=ECB.currentLanguage)for(var t=document.querySelectorAll("a:not([lang]"),n=/\.[a-z]{2,3}(\.(html|pdf)([\?#].*)?)$/,e=0;e<t.length;e++){var a=t[e];a.hasAttribute("href")&&-1===a.getAttribute("href").indexOf(":")&&function(t){let e=t.getAttribute("href").match(n);return!!(e&&0<e.length)&&"en"==e[0].substr(1,2)}(a)&&a.setAttribute("href",a.getAttribute("href").replace(n,"."+ECB.currentLanguage+"$1"))}},ECB.fast.langSwitch=function(){var e,n;ECB.isLive&&(e=localStorage.getItem("lastLanguage"),(n=function(t){if(t&&ECB.currentLanguage!=t){t=document.querySelector("#language-values>a[lang="+t+"]");return t&&(document.location.href=t.href),!0}return!1})(e)||window.addEventListener("storage",function(t){"lastLanguage"==t.key&&t.newValue!=e&&n(t.newValue)}))},ECB.fast.loadImages=function(t){var n,e=t;t||(e=document);var a=function(t){var e=ECB.supports.webp&&t.getAttribute("data-image-webp")?t.getAttribute("data-image-webp"):t.getAttribute("data-image"),n=t;n.style.backgroundImage="url('"+e+"')",t.classList.contains("-inner")||ECB.fast.attribution(n),n.classList.add("loaded")};window.IntersectionObserver&&(n=new IntersectionObserver(function(t){for(var e=0;e<t.length;e++)t[e].isIntersecting&&(a(t[e].target),n.unobserve(t[e].target))},{rootMargin:"50%"}));for(var r=e.querySelectorAll("[data-image]"),i=0;i<r.length;i++)r[i].classList.contains("fast")||r[i].classList.contains("coin-cropper")||!n?a(r[i]):n.observe(r[i]);for(var o=e.querySelectorAll("picture img"),i=0;i<o.length;i++)ECB.fast.attribution(o[i])},ECB.fast.pageTitle=function(){var t=document.querySelector("main>.title h1");t&&0<t.innerText.length&&(document.title=t.innerText)},ECB.fast.random=function(t){Element.prototype.matches||(Element.prototype.matches=Element.prototype.msMatchesSelector||Element.prototype.webkitMatchesSelector);for(var e=(!t?document:t).querySelectorAll(".random"),n=0;n<e.length;n++){e[n].querySelectorAll(".random-item");var a=[];Array.prototype.slice.call(e[n].children).map(function(t){t.matches(".random-item")&&a.push(t)});var r=Math.floor(Math.random()*a.length);e[n].classList.contains("-daily")&&(r=(new Date).getDate()%a.length),a[r].classList.add("active");for(var i=0;i<a.length;i++)i!=r&&e[n].removeChild(a[i])}},ECB.fast.supportCheck=function(e){var n=new Image;n.onload=function(t){"load"==t.type&&1==n.width&&(document.documentElement.classList.add("webp"),ECB.supports.webp=!0),e&&e()},n.onerror=function(){e&&e()},n.src="data:image/webp;base64,UklGRiQAAABXRUJQVlA4IBgAAAAwAQCdASoBAAEAAwA0JaQAA3AA/vuUAAA="},ECB.fast.tempFixes=function(){!function(t,e){for(var n=document.querySelectorAll(t),a=0;a<n.length;a++)e(n[a])}(".table .wrapper h3",function(t){var e=t.parentElement.parentElement,n=document.createElement("div");n.classList.add("header"),n.innerHTML='<div class="title">'+t.innerHTML+"</div>",t.parentElement.removeChild(t),e.prepend(n)})},ECB.fast.supportCheck(function(){function t(){ECB.jsForContentOnly||ECB.fast.pageTitle(),ECB.fast.tempFixes(),ECB.fast.random(),ECB.fast.loadImages(),ECB.fast.langLinks(),ECB.fast.connector(),ECB.fast.annexSwap(),ECB.fast.isLoading(),ECB.fast.authorMove()}"loading"!==document.readyState?t():window.addEventListener("DOMContentLoaded",t)}); </script> <script type="text/javascript" async src="/shared/dist/js/slow.min.js?v=2646225"></script> </head> <body class="project-ecb section-mopo sub-implement sub-app "> <header id="ecb-doc-header" class="v2"> <div class="headerHolder"> <div class="logo-name"> <a href="/home/html/index.et.html" alt="Go to our homepage"> <img src="/shared/img/logo/logo_name.et.svg" alt="European Central Bank - eurosystem"> </a> </div> <div class="logo-name-mobile"> <a href="/home/html/index.et.html" alt="Go to our homepage"> <img src="/shared/img/logos_mobile/ECB_Eurosystem_OneLineLogo_Mobile_ET.svg" alt="European Central Bank - eurosystem"> </a> </div> <div id="language-selector-holder" role="button" title="Select language"> <div id="language-selector"></div> <div id="language-selected" tabindex="1" aria-haspopup="true"><i></i><span class="ecb-full">ET</span></div> <div id="language-values"> <a href="index.bg.html" lang="bg" title="Български"><span class="ecb-full">Български</span></a><a href="index.cs.html" lang="cs" title="Čeština"><span class="ecb-full">Čeština</span></a><a href="index.da.html" lang="da" title="Dansk"><span class="ecb-full">Dansk</span></a><a href="index.de.html" lang="de" title="Deutsch"><span class="ecb-full">Deutsch</span></a><a href="index.el.html" lang="el" title="Eλληνικά"><span class="ecb-full">Eλληνικά</span></a><a href="index.en.html" class="available" lang="en" title="English"><span class="ecb-full">English</span></a><a href="index.es.html" lang="es" title="Español"><span class="ecb-full">Español</span></a><a href="index.et.html" class="selected" lang="et" title="Eesti keel"><span class="ecb-full">Eesti keel</span></a><a href="index.fi.html" lang="fi" title="Suomi"><span class="ecb-full">Suomi</span></a><a href="index.fr.html" lang="fr" title="Français"><span class="ecb-full">Français</span></a><a href="index.ga.html" lang="ga" title="Gaeilge"><span class="ecb-full">Gaeilge</span></a><a href="index.hr.html" lang="hr" title="Hrvatski"><span class="ecb-full">Hrvatski</span></a><a href="index.hu.html" lang="hu" title="Magyar"><span class="ecb-full">Magyar</span></a><a href="index.it.html" lang="it" title="Italiano"><span class="ecb-full">Italiano</span></a><a href="index.lt.html" lang="lt" title="Lietuvių"><span class="ecb-full">Lietuvių</span></a><a href="index.lv.html" lang="lv" title="Latviešu"><span class="ecb-full">Latviešu</span></a><a href="index.mt.html" lang="mt" title="Malti"><span class="ecb-full">Malti</span></a><a href="index.nl.html" lang="nl" title="Nederlands"><span class="ecb-full">Nederlands</span></a><a href="index.pl.html" lang="pl" title="Polski"><span class="ecb-full">Polski</span></a><a href="index.pt.html" lang="pt" title="Português"><span class="ecb-full">Português</span></a><a href="index.ro.html" lang="ro" title="Română"><span class="ecb-full">Română</span></a><a href="index.sk.html" lang="sk" title="Slovenčina"><span class="ecb-full">Slovenčina</span></a><a href="index.sl.html" lang="sl" title="Slovenščina"><span class="ecb-full">Slovenščina</span></a><a href="index.sv.html" lang="sv" title="Svenska"><span class="ecb-full">Svenska</span></a> </div> </div> <button id="hamburger" aria-haspopup="true" > Menu <div class="icon"> <div class="line-outer"> <div class="line-inner"></div> </div> <div class="line-outer"> <div class="line-inner"></div> </div> <div class="line-outer"> <div class="line-inner"></div> </div> </div> </button> <div class="logo"> <a href="/home/html/index.et.html" alt="Go to our homepage"> <img src="/shared/img/logo/logo_only.svg" alt="our logo, a yellow Euro sign surrounded by yellow stars centered in a dark blue circle resting on a dark blue base"> </a> </div> <nav id="navwrapper" role="navigation" aria-label="Main navigation"><div id="mainnav"><ul><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for Rahapoliitika & turud"></a><a href="/mopo/html/index.et.html" title="visit page Rahapoliitika & turud">Rahapoliitika & turud</a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Rahapoliitika ja turud</div> <p>Ülevaade meie rahapoliitika strateegiast, instrumentidest ja nende mõjust</p><a href="/mopo/html/index.en.html">Rahapoliitika ja turud</a><hr> <div class="nav-title">Lingid</div> <ul> <li><a href="/ecb/educational/explainers/tell-me/html/what-is-monetary-policy.en.html">Mis on rahapoliitika?</a></li> <li><a href="/mopo/strategy/strategy-review/html/index.en.html">Rahapoliitika strateegia läbivaatamine</a></li> <li><a href="/mopo/implement/app/html/index.en.html">Varaostukavad</a></li> </ul> </div><a href="/press/press_conference/html/index.en.html" class="item image"> <img src="/press/tvservices/html/index/ECB press conference place holder new_2560x1440.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"><div class="image-caption">Viimane rahapoliitikat käsitlev pressikonverents</div> <div class="image-date">17. oktoober 2024</div></a></div></div><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Ülevaade"></a><a href="/mopo/intro/html/index.et.html" title="visit page Ülevaade">Ülevaade</a><ul><li><a href="/mopo/intro/benefits/html/index.et.html" title="visit page Hinnastabiilsuse kasulikkus">Hinnastabiilsuse kasulikkus</a></li><li><a href="/mopo/intro/role/html/index.et.html" title="visit page Rahapoliitika ulatus">Rahapoliitika ulatus</a></li><li><a href="/mopo/intro/transmission/html/index.et.html" title="visit page Ülekandemehhanism">Ülekandemehhanism</a></li></ul></li><li><a href="/mopo/decisions/html/index.et.html" title="visit page Otsused, avaldused & ülevaated">Otsused, avaldused & ülevaated</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Strateegia"></a><a href="/mopo/strategy/html/index.et.html" title="visit page Strateegia">Strateegia</a><ul><li><a href="/mopo/strategy/strategy-review/html/index.et.html" title="visit page Strateegia läbivaatamine">Strateegia läbivaatamine</a></li><li><a href="/mopo/strategy/medium-term-orientation/html/index.et.html" title="visit page Keskpika aja suunitlus">Keskpika aja suunitlus</a></li><li><a href="/mopo/strategy/pricestab/html/index.et.html" title="visit page 2% inflatsioonieesmärk">2% inflatsioonieesmärk</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Majandus-, monetaar- ja finantsanalüüs"></a><a href="/mopo/devel/html/index.et.html" title="visit page Majandus-, monetaar- ja finantsanalüüs">Majandus-, monetaar- ja finantsanalüüs</a><ul><li><a href="/mopo/devel/ecana/html/index.et.html" title="visit page Majandusanalüüs">Majandusanalüüs</a></li><li><a href="/mopo/devel/monan/html/index.et.html" title="visit page Rahapoliitiline ja finantsanalüüs">Rahapoliitiline ja finantsanalüüs</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Instrumendid"></a><a href="/mopo/implement/html/index.et.html" title="visit page Instrumendid">Instrumendid</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Avaturutehingud"></a><a href="/mopo/implement/omo/html/index.et.html" title="visit page Avaturutehingud">Avaturutehingud</a><ul><li><a href="/mopo/implement/omo/tltro/html/index.et.html" title="visit page Suunatud pikemaajalised refinantseerimisoperatsioonid">Suunatud pikemaajalised refinantseerimisoperatsioonid</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Varaostukavad"></a><a href="/mopo/implement/app/html/index.et.html" title="visit page Varaostukavad">Varaostukavad</a><ul><li><a href="/mopo/implement/app/lending/html/index.et.html" title="visit page Väärtpaberilaenud">Väärtpaberilaenud</a></li></ul></li><li><a href="/mopo/implement/pepp/html/index.et.html" title="visit page Pandeemia majandusmõjude ohjeldamise erakorraline varaostukava">Pandeemia majandusmõjude ohjeldamise erakorraline varaostukava</a></li><li><a href="/mopo/implement/sf/html/index.et.html" title="visit page Püsivõimalused">Püsivõimalused</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Kohustuslikud reservid"></a><a href="/mopo/implement/mr/html/index.et.html" title="visit page Kohustuslikud reservid">Kohustuslikud reservid</a><ul><li><a href="/mopo/implement/mr/two-tier/html/index.et.html" title="visit page Kaheastmeline süsteem">Kaheastmeline süsteem</a></li></ul></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Rahvusvahelised turuoperatsioonid"></a><a href="/mopo/international-market-operations/html/index.et.html" title="visit page Rahvusvahelised turuoperatsioonid">Rahvusvahelised turuoperatsioonid</a><ul><li><a href="/mopo/international-market-operations/liquidity_lines/html/index.et.html" title="visit page Keskpankadevahelised likviidsusliinid">Keskpankadevahelised likviidsusliinid</a></li></ul></li><li><a href="/mopo/ela/html/index.et.html" title="visit page Erakorraline likviidsusabi">Erakorraline likviidsusabi</a></li><li><a href="/mopo/liq/html/index.et.html" title="visit page Likviidsusanalüüs">Likviidsusanalüüs</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Tagatisvarad"></a><a href="/mopo/coll/html/index.et.html" title="visit page Tagatisvarad">Tagatisvarad</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Kõlblikkuskriteeriumid ja hindamine"></a><a href="/mopo/coll/standards/html/index.et.html" title="visit page Kõlblikkuskriteeriumid ja hindamine">Kõlblikkuskriteeriumid ja hindamine</a><ul><li><a href="/mopo/coll/standards/marketable/html/index.et.html" title="visit page Turukõlblikud varad">Turukõlblikud varad</a></li><li><a href="/mopo/coll/standards/nonmarketable/html/index.et.html" title="visit page Turukõlbmatud varad">Turukõlbmatud varad</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Kõlblike turustatavate varade loetelu"></a><a href="/mopo/coll/assets/html/index.et.html" title="visit page Kõlblike turustatavate varade loetelu">Kõlblike turustatavate varade loetelu</a><ul><li><a href="/mopo/coll/assets/guide/html/index.et.html" title="visit page Kasutajajuhend">Kasutajajuhend</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Tagatise mobiliseerimine"></a><a href="/mopo/coll/coll/html/index.et.html" title="visit page Tagatise mobiliseerimine">Tagatise mobiliseerimine</a><ul><li><a href="/mopo/coll/coll/ccbm/html/index.et.html" title="visit page Keskpankadevaheline piiriüleste tagatiste haldamise raamistik">Keskpankadevaheline piiriüleste tagatiste haldamise raamistik</a></li><li><a href="/mopo/coll/coll/eligiblesss/html/index.et.html" title="visit page Kõlblikud väärtpaberiarveldussüsteemid">Kõlblikud väärtpaberiarveldussüsteemid</a></li><li><a href="/mopo/coll/coll/ssslinks/html/index.et.html" title="visit page Kõlblikud ühendused">Kõlblikud ühendused</a></li><li><a href="/mopo/coll/coll/triparty/html/index.et.html" title="visit page Kõlblikud kolmepoolsed agendid">Kõlblikud kolmepoolsed agendid</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Riskide leevendamine"></a><a href="/mopo/coll/risk/html/index.et.html" title="visit page Riskide leevendamine">Riskide leevendamine</a><ul><li><a href="/mopo/coll/risk/ecaf/html/index.et.html" title="visit page Eurosüsteemi krediidihindamisraamistik">Eurosüsteemi krediidihindamisraamistik</a></li><li><a href="/mopo/coll/risk/riskcontrol/html/index.et.html" title="visit page Riskikontroll">Riskikontroll</a></li><li><a href="/mopo/coll/risk/liquidity/html/index.et.html" title="visit page Väärtuskärpe liigid">Väärtuskärpe liigid</a></li><li><a href="/mopo/coll/risk/valuation/html/index.et.html" title="visit page Väärtuse hindamine">Väärtuse hindamine</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Laenuandmete algatus"></a><a href="/mopo/coll/loanlevel/html/index.et.html" title="visit page Laenuandmete algatus">Laenuandmete algatus</a><ul><li><a href="/mopo/coll/loanlevel/transmission/html/index.et.html" title="visit page Andmevormid">Andmevormid</a></li><li><a href="/mopo/coll/loanlevel/implementation/html/index.et.html" title="visit page Kõlblikkusnõuded">Kõlblikkusnõuded</a></li><li><a href="/mopo/coll/loanlevel/faq/html/index.et.html" title="visit page Korduma kippuvad küsimused">Korduma kippuvad küsimused</a></li></ul></li><li><a href="/mopo/coll/contacts/html/index.et.html" title="visit page Kontaktid">Kontaktid</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Euroala majanduse struktuur"></a><a href="/mopo/eaec/html/index.et.html" title="visit page Euroala majanduse struktuur">Euroala majanduse struktuur</a><ul><li><a href="/mopo/eaec/ecopolicy/html/index.et.html" title="visit page Majanduspoliitika">Majanduspoliitika</a></li><li><a href="/mopo/eaec/fiscal/html/index.et.html" title="visit page Eelarvepoliitika">Eelarvepoliitika</a></li><li><a href="/mopo/eaec/trade/html/index.et.html" title="visit page Väliskaubandus">Väliskaubandus</a></li><li><a href="/mopo/eaec/eer/html/index.et.html" title="visit page Efektiivsed vahetuskursid">Efektiivsed vahetuskursid</a></li><li><a href="/mopo/eaec/structure/html/index.et.html" title="visit page Finantsstruktuur">Finantsstruktuur</a></li><li><a href="/mopo/eaec/markets/html/index.et.html" title="visit page Finantsturud">Finantsturud</a></li><li><a href="/mopo/eaec/intermediaries/html/index.et.html" title="visit page Finantsvahendajad">Finantsvahendajad</a></li><li><a href="/mopo/eaec/diversity/html/index.et.html" title="visit page Majanduslik mitmekesisus">Majanduslik mitmekesisus</a></li><li><a href="/mopo/eaec/labour/html/index.et.html" title="visit page Tööturg">Tööturg</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Turgude kontaktrühmad"></a><a href="/mopo/market-contact-groups/html/index.et.html" title="visit page Turgude kontaktrühmad">Turgude kontaktrühmad</a><ul><li><a href="/mopo/market-contact-groups/bmcg/html/index.et.html" title="visit page Võlakirjaturu kontaktrühm">Võlakirjaturu kontaktrühm</a></li><li><a href="/mopo/market-contact-groups/mmcg/html/index.et.html" title="visit page Rahaturu kontaktrühm">Rahaturu kontaktrühm</a></li><li><a href="/mopo/market-contact-groups/dimcg/html/index.et.html" title="visit page Võlakirjade emiteerimise turu kontaktrühm (DIMCG)">Võlakirjade emiteerimise turu kontaktrühm (DIMCG)</a></li><li><a href="/mopo/market-contact-groups/omg/html/index.et.html" title="visit page EKP operatsioonihaldurite rühm">EKP operatsioonihaldurite rühm</a></li><li><a href="/mopo/market-contact-groups/fxcg/html/index.et.html" title="visit page Välisvaluuta kontaktrühm">Välisvaluuta kontaktrühm</a></li><li><a href="/mopo/market-contact-groups/iid/html/index.et.html" title="visit page Institutsiooniliste investorite vaheline dialoog">Institutsiooniliste investorite vaheline dialoog</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for Maksed & finantsstabiilsus"></a><a href="/paym/html/index.et.html" title="visit page Maksed & finantsstabiilsus">Maksed & finantsstabiilsus</a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Maksed ja finantsstabiilsus</div> <p>Ülevaade meie tööst finantsstabiilsuse ja maksete infrastruktuuri valdkonnas</p><a href="/paym/html/index.en.html">Ülevaade maksete ja finantsstabiilsuse teemadest</a><hr> <div class="nav-title">Lingid</div> <ul> <li><a href="/euro/digital_euro/html/index.en.html">Digitaalne euro</a></li> <li><a href="/press/intro/html/index.en.html">Maksete valdkonna uudised</a></li> <li><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">Dokumendid ja lingid TARGETi ekspertidele</a></li> </ul> </div><a href="/pub/financial-stability/fsr/html/index.en.html" class="item image"> <img src="/paym/financial-stability/html/index/fsr_1000x750.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"><div class="image-caption">Värskeim finantsstabiilsuse ülevaade</div> <div class="image-date">16. mai 2024</div></a></div></div><ul><li><span>Maksed</span></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for TARGETi teenused"></a><a href="/paym/target/html/index.et.html" title="visit page TARGETi teenused">TARGETi teenused</a><ul><li><a href="/paym/target/coco/html/index.et.html" title="visit page Ühised elemendid">Ühised elemendid</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for T2"></a><a href="/paym/target/t2/html/index.et.html" title="visit page T2">T2</a><ul><li><a href="/paym/target/t2/governance/html/index.et.html" title="visit page Juhtimine">Juhtimine</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for T2S"></a><a href="/paym/target/t2s/html/index.et.html" title="visit page T2S">T2S</a><ul><li><a href="/paym/target/t2s/governance/html/index.et.html" title="visit page Juhtimine">Juhtimine</a></li><li><a href="/paym/target/t2s/facts/html/index.et.html" title="visit page Faktid ja arvud">Faktid ja arvud</a></li><li><a href="/paym/target/t2s/pricing/html/index.et.html" title="visit page Hinnakujundus">Hinnakujundus</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for TARGETi välkmaksete arveldussüsteem (TIPS)"></a><a href="/paym/target/tips/html/index.et.html" title="visit page TARGETi välkmaksete arveldussüsteem (TIPS)">TARGETi välkmaksete arveldussüsteem (TIPS)</a><ul><li><a href="/paym/target/tips/governance/html/index.et.html" title="visit page Juhtimine">Juhtimine</a></li><li><a href="/paym/target/tips/facts/html/index.et.html" title="visit page Faktid ja arvud">Faktid ja arvud</a></li><li><a href="/paym/target/tips/onboarding/html/index.et.html" title="visit page Ühinemine">Ühinemine</a></li></ul></li><li><a href="/paym/target/ecms/html/index.et.html" title="visit page Eurosüsteemi tagatiste haldamise süsteem">Eurosüsteemi tagatiste haldamise süsteem</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for TARGETi dokumendid ja lingid eksperdile"></a><a href="/paym/target/target-professional-use-documents-links/html/index.et.html" title="visit page TARGETi dokumendid ja lingid eksperdile">TARGETi dokumendid ja lingid eksperdile</a><ul><li><a href="/paym/target/target-professional-use-documents-links/coco/html/index.et.html" title="visit page Ühised elemendid: dokumendid ja lingid">Ühised elemendid: dokumendid ja lingid</a></li><li><a href="/paym/target/target-professional-use-documents-links/t2/html/index.et.html" title="visit page T2 dokumendid ja lingid">T2 dokumendid ja lingid</a></li><li><a href="/paym/target/target-professional-use-documents-links/t2s/html/index.et.html" title="visit page T2S dokumendid ja lingid">T2S dokumendid ja lingid</a></li><li><a href="/paym/target/target-professional-use-documents-links/tips/html/index.et.html" title="visit page TIPS: dokumendid ja lingid">TIPS: dokumendid ja lingid</a></li><li><a href="/paym/target/target-professional-use-documents-links/ecms/html/index.et.html" title="visit page Ekspertidele">Ekspertidele</a></li></ul></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Lõimumine ja innovatsioon"></a><a href="/paym/integration/html/index.et.html" title="visit page Lõimumine ja innovatsioon">Lõimumine ja innovatsioon</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Hajusraamatu tehnoloogia"></a><a href="/paym/integration/distributed/html/index.et.html" title="visit page Hajusraamatu tehnoloogia">Hajusraamatu tehnoloogia</a><ul><li><a href="/paym/integration/distributed/exploratory/html/index.et.html" title="visit page Uurimistegevus">Uurimistegevus</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Jaemaksed"></a><a href="/paym/integration/retail/html/index.et.html" title="visit page Jaemaksed">Jaemaksed</a><ul><li><a href="/paym/integration/retail/retail_payments_strategy/html/index.et.html" title="visit page Jaemakseteenuste strateegia">Jaemakseteenuste strateegia</a></li><li><a href="/paym/integration/retail/ecb/html/index.et.html" title="visit page EKP kiirendav roll">EKP kiirendav roll</a></li><li><a href="/paym/integration/retail/sepa/html/index.et.html" title="visit page Ühtne euromaksete piirkond (SEPA)">Ühtne euromaksete piirkond (SEPA)</a></li><li><a href="/paym/integration/retail/instant_payments/html/index.et.html" title="visit page Välkmaksed">Välkmaksed</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Tagatiste haldamise ühtlustamine"></a><a href="/paym/integration/collateral/html/index.et.html" title="visit page Tagatiste haldamise ühtlustamine">Tagatiste haldamise ühtlustamine</a><ul><li><a href="/paym/integration/collateral/implementation/html/index.et.html" title="visit page Rakendamine">Rakendamine</a></li><li><a href="/paym/integration/collateral/faq/html/index.et.html" title="visit page Korduma kippuvad küsimused">Korduma kippuvad küsimused</a></li></ul></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Kübervastupidavusvõime"></a><a href="/paym/cyber-resilience/html/index.et.html" title="visit page Kübervastupidavusvõime">Kübervastupidavusvõime</a><ul><li><a href="/paym/cyber-resilience/fmi/html/index.et.html" title="visit page Finantsturutaristud">Finantsturutaristud</a></li><li><a href="/paym/cyber-resilience/tiber-eu/html/index.et.html" title="visit page ELi TIBER-raamistik">ELi TIBER-raamistik</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Järelevaatamine"></a><a href="/paym/pol/html/index.et.html" title="visit page Järelevaatamine">Järelevaatamine</a><ul><li><a href="/paym/pol/systems/html/index.et.html" title="visit page Maksesüsteemid">Maksesüsteemid</a></li><li><a href="/paym/pol/target2-securities/html/index.et.html" title="visit page TARGET2-Securities">TARGET2-Securities</a></li><li><a href="/paym/pol/instr/html/index.et.html" title="visit page E-maksed">E-maksed</a></li><li><a href="/paym/pol/clearing/html/index.et.html" title="visit page Väärtpaberiarveldussüsteemid ja kesksed vastaspooled">Väärtpaberiarveldussüsteemid ja kesksed vastaspooled</a></li><li><a href="/paym/pol/critical/html/index.et.html" title="visit page Kriitilise tähtsusega teenusepakkujad">Kriitilise tähtsusega teenusepakkujad</a></li><li><a href="/paym/pol/correspondent-and-custodian-banks/html/index.et.html" title="visit page Korrespondent- ja depoopangad">Korrespondent- ja depoopangad</a></li><li><a href="/paym/pol/forum/html/index.et.html" title="visit page SecuRe Pay foorum">SecuRe Pay foorum</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Reservihaldusteenused"></a><a href="/paym/erms/html/index.et.html" title="visit page Reservihaldusteenused">Reservihaldusteenused</a><ul><li><a href="/paym/erms/aspects/html/index.et.html" title="visit page Põhiaspektid">Põhiaspektid</a></li><li><a href="/paym/erms/service/html/index.et.html" title="visit page Teenused">Teenused</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Sularahakäitlejad"></a><a href="/paym/cashprof/html/index.et.html" title="visit page Sularahakäitlejad">Sularahakäitlejad</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Sularahakäitlus"></a><a href="/paym/cashprof/cashhand/html/index.et.html" title="visit page Sularahakäitlus">Sularahakäitlus</a><ul><li><a href="/paym/cashprof/cashhand/devices/html/index.et.html" title="visit page Pangatähtede ehtsust kontrollivad seadmed">Pangatähtede ehtsust kontrollivad seadmed</a></li><li><a href="/paym/cashprof/cashhand/recycling/html/index.et.html" title="visit page Pangatähtede taasringlus">Pangatähtede taasringlus</a></li></ul></li><li><a href="/paym/cashprof/cdispec/html/index.et.html" title="visit page Standardse detektorliidese kirjeldus">Standardse detektorliidese kirjeldus</a></li><li><a href="/paym/cashprof/accreditation/html/index.et.html" title="visit page Tootjate atesteerimine">Tootjate atesteerimine</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Maksete kontaktrühmad"></a><a href="/paym/groups/html/index.et.html" title="visit page Maksete kontaktrühmad">Maksete kontaktrühmad</a><ul><li><a href="/paym/groups/ami/html/index.et.html" title="visit page Turuinfrastruktuuride nõuanderühmad">Turuinfrastruktuuride nõuanderühmad</a></li><li><a href="/paym/groups/euro-cyber-board/html/index.et.html" title="visit page Euro kübervastupidavusvõime nõukogu">Euro kübervastupidavusvõime nõukogu</a></li><li><a href="/paym/groups/erpb/html/index.et.html" title="visit page Eurojaemaksete nõukogu">Eurojaemaksete nõukogu</a></li><li><a href="/paym/groups/efip/html/index.et.html" title="visit page Euroopa makseuuenduste foorum">Euroopa makseuuenduste foorum</a></li></ul></li><li><span>Finantsstabiilsus</span></li><li><a href="/paym/financial-stability/html/index.et.html" title="visit page Ülevaade">Ülevaade</a></li><li><a href="/paym/macroprudential-measures/html/index.et.html" title="visit page Makrotasandi usaldatavusmeetmed">Makrotasandi usaldatavusmeetmed</a></li><li><a href="/paym/financial_stability_contact_groups/html/index.et.html" title="visit page Finantsstabiilsusega tegelevad kontaktrühmad">Finantsstabiilsusega tegelevad kontaktrühmad</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for Statistika"></a><a href="/stats/html/index.et.html" title="visit page Statistika">Statistika</a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Statistika</div> <p>Juurdepääs EKP statistikale ja taustteabele</p><a href="/stats/html/index.en.html">EKP statistika ülevaade</a><hr> <div class="nav-title">Lingid</div> <ul> <li><a href="https://data.ecb.europa.eu/main-figures">Olulised näitajad</a></li> <li><a href="https://data.ecb.europa.eu/">EKP andmeportaal</a></li> <li><a href="/stats/ecb_statistics/accessing-our-data/html/index.en.html">Kõik andmeteenused</a></li> </ul> </div><a href="/press/blog/date/2024/html/ecb.blog20240418~2240ea1850.en.html" class="item image"> <img src="/press/blog/date/2024/html//ecb.blog20240418~2240ea1850/ecb.blog20240418~2240ea1850.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"><div class="image-caption">EKP BLOGI – Tõhustatud andmed: kuidas mõjutavad kliimamuutused panku</div> <div class="image-date">18. aprill 2024</div></a></div></div><ul><li><span>Enim vaadatud</span></li><li><a href="/stats/euro-exchange-rates/html/index.et.html" title="visit page Euro vahetuskursid">Euro vahetuskursid</a></li><li><a href="/stats/key-ecb-interest-rates/html/index.et.html" title="visit page EKP baasintressimäärad">EKP baasintressimäärad</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Euro lühiajaline intressimäär (€STR)"></a><a href="/stats/euro-short-term-rates/html/index.et.html" title="visit page Euro lühiajaline intressimäär (€STR)">Euro lühiajaline intressimäär (€STR)</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Viiteintressimäärad"></a><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/html/index.et.html" title="visit page Viiteintressimäärad">Viiteintressimäärad</a><ul><li><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/WG_euro_risk-free_rates/html/index.et.html" title="visit page Euro riskivabade intressimäärade töörühm">Euro riskivabade intressimäärade töörühm</a></li></ul></li></ul></li><li><a href="/stats/inflation/html/index.et.html" title="visit page Inflatsioon">Inflatsioon</a></li><li><a href="/stats/euro-area-yield-curves/html/index.et.html" title="visit page Euroala tulukõverad">Euroala tulukõverad</a></li><li><span>Kogu statistika ja taustteave</span></li><li><a href="/stats/all-key-statistics/html/index.et.html" title="visit page Kõik olulised statistikaandmed">Kõik olulised statistikaandmed</a></li><li><a href="/stats/accessing-our-data/html/index.et.html" title="visit page Juurdepääs andmetele">Juurdepääs andmetele</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Põhiteemad"></a><a href="/stats/ecb_statistics/html/index.et.html" title="visit page Põhiteemad">Põhiteemad</a><ul><li><a href="/stats/ecb_statistics/governance_and_quality_framework/html/index.et.html" title="visit page Statistika haldamine ja kvaliteediraamistik">Statistika haldamine ja kvaliteediraamistik</a></li><li><a href="/stats/ecb_statistics/co-operation_and_standards/html/index.et.html" title="visit page Koostöö ja standardid">Koostöö ja standardid</a></li><li><a href="/stats/ecb_statistics/reporting/html/index.et.html" title="visit page Pankade aruandlus">Pankade aruandlus</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for AnaCredit"></a><a href="/stats/ecb_statistics/anacredit/html/index.et.html" title="visit page AnaCredit">AnaCredit</a><ul><li><a href="/stats/ecb_statistics/anacredit/questions/html/index.et.html" title="visit page AnaCredit: küsimused ja vastused">AnaCredit: küsimused ja vastused</a></li></ul></li><li><a href="/stats/ecb_statistics/consultations/html/index.et.html" title="visit page Avalikud konsultatsioonid">Avalikud konsultatsioonid</a></li><li><a href="/stats/ecb_statistics/dialogue/html/index.et.html" title="visit page Pangandussektori dialoog EKPSi statistika ja integreeritud aruandluse küsimustes">Pangandussektori dialoog EKPSi statistika ja integreeritud aruandluse küsimustes</a></li><li><a href="/stats/ecb_statistics/sdmx/html/index.et.html" title="visit page Statistiliste andmete vahetuse mudel (SDMX)">Statistiliste andmete vahetuse mudel (SDMX)</a></li><li><a href="/stats/ecb_statistics/inexda/html/index.et.html" title="visit page Granulaarsete andmete võrgustik (INEXDA)">Granulaarsete andmete võrgustik (INEXDA)</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for Euro"></a><a href="/euro/html/index.et.html" title="visit page Euro">Euro</a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Euro</div> <p>Ühisvääringuga seotud teemad</p><a href="/euro/html/index.en.html">Ülevaade eurost</a><hr> <div class="nav-title">Lingid</div> <ul> <li><a href="/paym/cashprof/html/index.en.html">Sularahakäitlejad</a></li> <li><a href="/stats/policy_and_exchange_rates/banknotes+coins/html/index.en.html">Statistika pangatähtede ja müntide kohta</a></li> <li><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html">Euro vahetuskursid</a></li> </ul> </div><a href="/euro/digital_euro/progress/html/index.en.html" class="item image"> <img src="/euro/digital_euro/shared/img/Digital Euro_Website_Homepage-Box-eurosign_1000x750.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"><div class="image-caption">Esimene eduaruanne digitaalse euro ettevalmistusetapi kohta</div> <div class="image-date">24. juuni 2024</div></a></div></div><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Digitaalne euro"></a><a href="/euro/digital_euro/html/index.et.html" title="visit page Digitaalne euro">Digitaalne euro</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Põhiomadused"></a><a href="/euro/digital_euro/features/html/index.et.html" title="visit page Põhiomadused">Põhiomadused</a><ul><li><a href="/euro/digital_euro/features/privacy/html/index.et.html" title="visit page Digital euro and privacy">Digital euro and privacy</a></li></ul></li><li><a href="/euro/digital_euro/how-it-works/html/index.et.html" title="visit page Kuidas digitaalne euro toimib">Kuidas digitaalne euro toimib</a></li><li><a href="/euro/digital_euro/why-we-need-it/html/index.et.html" title="visit page Miks on digitaalne euro vajalik?">Miks on digitaalne euro vajalik?</a></li><li><a href="/euro/digital_euro/progress/html/index.et.html" title="visit page Ajakava ja kulg">Ajakava ja kulg</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Projektist lähemalt"></a><a href="/euro/digital_euro/timeline/html/index.et.html" title="visit page Projektist lähemalt">Projektist lähemalt</a><ul><li><a href="/euro/digital_euro/timeline/stakeholder/html/index.et.html" title="visit page Juhtimine ja sidusrühmade kaasamine">Juhtimine ja sidusrühmade kaasamine</a></li><li><a href="/euro/digital_euro/timeline/profuse/html/index.et.html" title="visit page Tehniline teave ja uurimistöö">Tehniline teave ja uurimistöö</a></li><li><a href="/euro/digital_euro/timeline/rulebook/html/index.et.html" title="visit page Projekti reeglistik">Projekti reeglistik</a></li></ul></li><li><a href="/euro/digital_euro/faqs/html/index.et.html" title="visit page Korduma kippuvad küsimused">Korduma kippuvad küsimused</a></li></ul></li><li><span>Sularaha</span></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Eurosüsteemi sularahastrateegia"></a><a href="/euro/cash_strategy/html/index.et.html" title="visit page Eurosüsteemi sularahastrateegia">Eurosüsteemi sularahastrateegia</a><ul><li><a href="/euro/cash_strategy/cash_role/html/index.et.html" title="visit page Sularaha roll">Sularaha roll</a></li><li><a href="/euro/cash_strategy/issuance/html/index.et.html" title="visit page Emiteerimine ja ringlus">Emiteerimine ja ringlus</a></li><li><a href="/euro/cash_strategy/acceptance-cash/html/index.et.html" title="visit page Juurdepääs sularahale ja selle aktsepteerimine maksevahendina">Juurdepääs sularahale ja selle aktsepteerimine maksevahendina</a></li><li><a href="/euro/cash_strategy/faqs/html/index.et.html" title="visit page Korduma kippuvad küsimused">Korduma kippuvad küsimused</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Pangatähed"></a><a href="/euro/banknotes/html/index.et.html" title="visit page Pangatähed">Pangatähed</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Uued pangatähed"></a><a href="/euro/banknotes/future_banknotes/html/index.et.html" title="visit page Uued pangatähed">Uued pangatähed</a><ul><li><a href="/euro/banknotes/future_banknotes/redesign/html/index.et.html" title="visit page Kujunduse muutmise protsess">Kujunduse muutmise protsess</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Praegu ringluses olevad pangatähed"></a><a href="/euro/banknotes/current/html/index.et.html" title="visit page Praegu ringluses olevad pangatähed">Praegu ringluses olevad pangatähed</a><ul><li><a href="/euro/banknotes/current/denominations/html/index.et.html" title="visit page Nimiväärtused">Nimiväärtused</a></li><li><a href="/euro/banknotes/current/design/html/index.et.html" title="visit page Kujunduselemendid">Kujunduselemendid</a></li><li><a href="/euro/banknotes/current/security/html/index.et.html" title="visit page Turvaelemendid">Turvaelemendid</a></li></ul></li><li><a href="/euro/banknotes/ac/html/index.et.html" title="visit page Võltsimisvastane tegevus">Võltsimisvastane tegevus</a></li><li><a href="/euro/banknotes/production/html/index.et.html" title="visit page Pangatähtede tootmine ja varud">Pangatähtede tootmine ja varud</a></li><li><a href="/euro/banknotes/damaged/html/index.et.html" title="visit page Kahjustatud ja tindiplekkidega pangatähed">Kahjustatud ja tindiplekkidega pangatähed</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Keskkond, tervishoid ja ohutus"></a><a href="/euro/banknotes/environmental/html/index.et.html" title="visit page Keskkond, tervishoid ja ohutus">Keskkond, tervishoid ja ohutus</a><ul><li><a href="/euro/banknotes/environmental/pef/html/index.et.html" title="visit page Toote keskkonnajalajälg">Toote keskkonnajalajälg</a></li></ul></li><li><a href="/euro/banknotes/research/html/index.et.html" title="visit page Teadus- ja arendustegevus">Teadus- ja arendustegevus</a></li><li><a href="/euro/banknotes/images/html/index.et.html" title="visit page Pangatähtede pildid ja reprodutseerimiseeskirjad">Pangatähtede pildid ja reprodutseerimiseeskirjad</a></li><li><a href="/euro/banknotes/info/html/index.et.html" title="visit page Teabe- ja koolitusmaterjalid">Teabe- ja koolitusmaterjalid</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Mündid"></a><a href="/euro/coins/html/index.et.html" title="visit page Mündid">Mündid</a><ul><li><a href="/euro/coins/2euro/html/index.et.html" title="visit page 2 €">2 €</a></li><li><a href="/euro/coins/1euro/html/index.et.html" title="visit page 1 €">1 €</a></li><li><a href="/euro/coins/50cents/html/index.et.html" title="visit page 50 senti">50 senti</a></li><li><a href="/euro/coins/20cents/html/index.et.html" title="visit page 20 senti">20 senti</a></li><li><a href="/euro/coins/10cents/html/index.et.html" title="visit page 10 senti">10 senti</a></li><li><a href="/euro/coins/5cents/html/index.et.html" title="visit page 5 senti">5 senti</a></li><li><a href="/euro/coins/2cents/html/index.et.html" title="visit page 2 senti">2 senti</a></li><li><a href="/euro/coins/1cent/html/index.et.html" title="visit page 1 sent">1 sent</a></li><li><a href="/euro/coins/common/html/index.et.html" title="visit page Ühine külg">Ühine külg</a></li><li><a href="/euro/coins/comm/html/index.et.html" title="visit page 2-eurosed mälestusmündid">2-eurosed mälestusmündid</a></li><li><a href="/euro/coins/security/html/index.et.html" title="visit page Turvaelemendid">Turvaelemendid</a></li><li><a href="/euro/coins/collect/html/index.et.html" title="visit page Meenemündid">Meenemündid</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Sularahale üleminek"></a><a href="/euro/changeover/html/index.et.html" title="visit page Sularahale üleminek">Sularahale üleminek</a><ul><li><a href="/euro/changeover/croatia/html/index.et.html" title="visit page Horvaatia (2023)">Horvaatia (2023)</a></li><li><a href="/euro/changeover/lithuania/html/index.et.html" title="visit page Leedu (2015)">Leedu (2015)</a></li><li><a href="/euro/changeover/latvia/html/index.et.html" title="visit page Läti (2014)">Läti (2014)</a></li><li><a href="/euro/changeover/estonia/html/index.et.html" title="visit page Eesti (2011)">Eesti (2011)</a></li><li><a href="/euro/changeover/slovakia/html/index.et.html" title="visit page Slovakkia (2009)">Slovakkia (2009)</a></li><li><a href="/euro/changeover/cyprus/html/index.et.html" title="visit page Küpros (2008)">Küpros (2008)</a></li><li><a href="/euro/changeover/malta/html/index.et.html" title="visit page Malta (2008)">Malta (2008)</a></li><li><a href="/euro/changeover/slovenia/html/index.et.html" title="visit page Sloveenia (2007)">Sloveenia (2007)</a></li><li><a href="/euro/changeover/2002/html/index.et.html" title="visit page Sularahale üleminek 2002. aastal">Sularahale üleminek 2002. aastal</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Liikmesriigi vääringu vahetamine euro vastu"></a><a href="/euro/exchange/html/index.et.html" title="visit page Liikmesriigi vääringu vahetamine euro vastu">Liikmesriigi vääringu vahetamine euro vastu</a><ul><li><a href="/euro/exchange/au/html/index.et.html" title="visit page Austria">Austria</a></li><li><a href="/euro/exchange/be/html/index.et.html" title="visit page Belgia">Belgia</a></li><li><a href="/euro/exchange/hr/html/index.et.html" title="visit page Horvaatia">Horvaatia</a></li><li><a href="/euro/exchange/cy/html/index.et.html" title="visit page Küpros">Küpros</a></li><li><a href="/euro/exchange/et/html/index.et.html" title="visit page Eesti">Eesti</a></li><li><a href="/euro/exchange/fi/html/index.et.html" title="visit page Soome">Soome</a></li><li><a href="/euro/exchange/fr/html/index.et.html" title="visit page Prantsusmaa">Prantsusmaa</a></li><li><a href="/euro/exchange/de/html/index.et.html" title="visit page Saksamaa">Saksamaa</a></li><li><a href="/euro/exchange/gr/html/index.et.html" title="visit page Kreeka">Kreeka</a></li><li><a href="/euro/exchange/ir/html/index.et.html" title="visit page Iirimaa">Iirimaa</a></li><li><a href="/euro/exchange/it/html/index.et.html" title="visit page Itaalia">Itaalia</a></li><li><a href="/euro/exchange/lv/html/index.et.html" title="visit page Läti">Läti</a></li><li><a href="/euro/exchange/lt/html/index.et.html" title="visit page Leedu">Leedu</a></li><li><a href="/euro/exchange/lu/html/index.et.html" title="visit page Luksemburg">Luksemburg</a></li><li><a href="/euro/exchange/mt/html/index.et.html" title="visit page Malta">Malta</a></li><li><a href="/euro/exchange/nl/html/index.et.html" title="visit page Madalmaad">Madalmaad</a></li><li><a href="/euro/exchange/pt/html/index.et.html" title="visit page Portugal">Portugal</a></li><li><a href="/euro/exchange/slovakia/html/index.et.html" title="visit page Slovakkia">Slovakkia</a></li><li><a href="/euro/exchange/sl/html/index.et.html" title="visit page Sloveenia">Sloveenia</a></li><li><a href="/euro/exchange/es/html/index.et.html" title="visit page Hispaania">Hispaania</a></li></ul></li><li><a href="/euro/visually/html/index.et.html" title="visit page Teave vaegnägijatele">Teave vaegnägijatele</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for Uurimistegevus"></a><a href="/pub/html/index.et.html" title="visit page Uurimistegevus">Uurimistegevus</a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Uurimistegevus</div> <p>Põhjalikud uuringud ja ekspertanalüüsid, mis hõlmavad erinevaid teemasid ja valdkondi</p> <a href="/pub/html/index.en.html">EKP uuringute ülevaade</a> <hr> <div class="nav-title">Lingid</div> <ul>  <li><a href="/press/conferences/html/index.en.html">Konverentsid ja seminarid</a></li> <li><a href="/pub/economic-research/programmes/html/index.en.html">Võimalused majandusuurijatele</a></li> </ul> </div><a href="/press/research-publications/resbull/html/index.en.html" class="item image"> <img src="/pub/html/index/research-bulletin_2560x800.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">Uuringute bülletäänid</div> </a></div></div><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Majandusuuringud"></a><a href="/pub/economic-research/html/index.et.html" title="visit page Majandusuuringud">Majandusuuringud</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Uuringute kava"></a><a href="/pub/economic-research/research_agenda/html/index.et.html" title="visit page Uuringute kava">Uuringute kava</a><ul><li><a href="/pub/economic-research/research_agenda/monetary_policy/html/index.et.html" title="visit page Rahapoliitika, strateegia ja rakendamine">Rahapoliitika, strateegia ja rakendamine</a></li><li><a href="/pub/economic-research/research_agenda/fiscal_policy/html/index.et.html" title="visit page Eelarvepoliitika ja juhtimine majandus- ja rahaliidus">Eelarvepoliitika ja juhtimine majandus- ja rahaliidus</a></li><li><a href="/pub/economic-research/research_agenda/international/html/index.et.html" title="visit page Rahvusvaheline makromajandus ja rahandus">Rahvusvaheline makromajandus ja rahandus</a></li><li><a href="/pub/economic-research/research_agenda/real_sector/html/index.et.html" title="visit page Reaalsektor ja mikromajanduslik analüüs">Reaalsektor ja mikromajanduslik analüüs</a></li><li><a href="/pub/economic-research/research_agenda/forecasting/html/index.et.html" title="visit page Prognoosimine ja majandustsükli analüüs">Prognoosimine ja majandustsükli analüüs</a></li><li><a href="/pub/economic-research/research_agenda/macro-finance/html/index.et.html" title="visit page Makrotasandi rahandus, süsteemne risk ja makrotasandi usaldatavusjärelevalve poliitika">Makrotasandi rahandus, süsteemne risk ja makrotasandi usaldatavusjärelevalve poliitika</a></li><li><a href="/pub/economic-research/research_agenda/financial_institutions/html/index.et.html" title="visit page Finantsasutused, mikrotasandi usaldatavusjärelevalve poliitika, finantsturud ja maksed">Finantsasutused, mikrotasandi usaldatavusjärelevalve poliitika, finantsturud ja maksed</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Võimalused majandusuurijatele"></a><a href="/pub/economic-research/programmes/html/index.et.html" title="visit page Võimalused majandusuurijatele">Võimalused majandusuurijatele</a><ul><li><a href="/pub/economic-research/programmes/duisenberg/html/index.et.html" title="visit page Wim Duisenbergi stipendium">Wim Duisenbergi stipendium</a></li><li><a href="/pub/economic-research/programmes/visitors/html/index.et.html" title="visit page Korralised külalisteadlased">Korralised külalisteadlased</a></li><li><a href="/pub/economic-research/programmes/lamfalussy/html/index.et.html" title="visit page Lamfalussy stipendium">Lamfalussy stipendium</a></li><li><a href="/pub/economic-research/programmes/graduate/html/index.et.html" title="visit page Suvine teadusuuringute programm">Suvine teadusuuringute programm</a></li><li><a href="/pub/economic-research/programmes/traineeship/html/index.et.html" title="visit page Üliõpilaste praktikavõimalused">Üliõpilaste praktikavõimalused</a></li></ul></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Õigusalased uuringud"></a><a href="/pub/legal-research/html/index.et.html" title="visit page Õigusalased uuringud">Õigusalased uuringud</a><ul><li><a href="/pub/legal-research/legal-conferences-and-seminars/html/index.et.html" title="visit page Õigusalased konverentsid ja seminarid">Õigusalased konverentsid ja seminarid</a></li><li><a href="/pub/legal-research/legal-research-programme/html/index.et.html" title="visit page Õigusuuringute programm">Õigusuuringute programm</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Teadus- ja üldtoimetised"></a><a href="/pub/research/html/index.et.html" title="visit page Teadus- ja üldtoimetised">Teadus- ja üldtoimetised</a><ul><li><a href="/pub/research/authors/html/index.et.html" title="visit page Autori järgi">Autori järgi</a></li></ul></li><li><a href="/pub/researchers/html/index.et.html" title="visit page EKP majandusuurijad">EKP majandusuurijad</a></li><li><a href="/pub/research-networks/html/index.et.html" title="visit page Teadusuuringute võrgustikud">Teadusuuringute võrgustikud</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for Uudised & väljaanded"></a><a href="/press/html/index.et.html" title="visit page Uudised & väljaanded">Uudised & väljaanded</a><div class="nav-first-level-wrap -nav-in-first-column"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">Uudised ja väljaanded</div><a href="/press/pubbydate/html/index.en.html">Kõik uudised ja väljaanded</a><hr> </div> </div><ul><li><span>Uudised</span></li><li><a href="/press/pr/html/index.et.html">Pressiteated</a></li><li><a href="/press/stats/html/index.et.html">Statistikateemalised pressiteated</a></li><li><a href="/press/key/html/index.et.html">Kõned</a></li><li><a href="/press/inter/html/index.et.html">Intervjuud</a></li><li><a href="/press/blog/html/index.et.html">EKP blogi</a></li><li><a href="/press/tvservices/html/index.et.html">TV</a></li><li><a href="/press/intro/html/index.et.html">Maksete valdkonna arengud</a></li><li><a href="/press/contacts/html/index.et.html">Kontaktandmed</a></li></ul></div><ul><li><span>Väljaanded</span></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for EKP nõukogu otsused"></a><a href="/press/govcdec/html/index.et.html" title="visit page EKP nõukogu otsused">EKP nõukogu otsused</a><ul><li><a href="/press/govcdec/mopo/html/index.et.html" title="visit page Rahapoliitilised otsused">Rahapoliitilised otsused</a></li><li><a href="/press/govcdec/otherdec/html/index.et.html" title="visit page Muud otsused">Muud otsused</a></li></ul></li><li><a href="/press/accounts/html/index.et.html" title="visit page Rahapoliitikaistungite protokollid">Rahapoliitikaistungite protokollid</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for EKP majandusülevaade"></a><a href="/press/economic-bulletin/html/index.et.html" title="visit page EKP majandusülevaade">EKP majandusülevaade</a><ul><li><a href="/press/economic-bulletin/articles/html/index.et.html" title="visit page Artiklid">Artiklid</a></li><li><a href="/press/economic-bulletin/focus/html/index.et.html" title="visit page Fookus">Fookus</a></li><li><a href="/press/economic-bulletin/mb/html/index.et.html" title="visit page EKP kuubülletään">EKP kuubülletään</a></li></ul></li><li><a href="/press/projections/html/index.et.html" title="visit page Makromajanduslik ettevaade">Makromajanduslik ettevaade</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Aasta- ja finantsaruanded"></a><a href="/press/annual-reports-financial-statements/html/index.et.html" title="visit page Aasta- ja finantsaruanded">Aasta- ja finantsaruanded</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Aastaaruanne"></a><a href="/press/annual-reports-financial-statements/annual/html/index.et.html" title="visit page Aastaaruanne">Aastaaruanne</a><ul><li><a href="/press/annual-reports-financial-statements/annual/annual-accounts/html/index.et.html" title="visit page Raamatupidamise aastaaruanne">Raamatupidamise aastaaruanne</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Eurosüsteemi konsolideeritud bilanss"></a><a href="/press/annual-reports-financial-statements/annual/balance/html/index.et.html" title="visit page Eurosüsteemi konsolideeritud bilanss">Eurosüsteemi konsolideeritud bilanss</a><ul><li><a href="/press/annual-reports-financial-statements/annual/balance/mpo/html/index.et.html" title="visit page Rahapoliitilised operatsioonid">Rahapoliitilised operatsioonid</a></li></ul></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Iganädalased finantsaruanded"></a><a href="/press/annual-reports-financial-statements/wfs/html/index.et.html" title="visit page Iganädalased finantsaruanded">Iganädalased finantsaruanded</a><ul><li><a href="/press/annual-reports-financial-statements/wfs/dis/html/index.et.html" title="visit page Struktureeritud andmed">Struktureeritud andmed</a></li></ul></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Finantsstabiilsuse valdkonna väljaanded"></a><a href="/press/financial-stability-publications/html/index.et.html" title="visit page Finantsstabiilsuse valdkonna väljaanded">Finantsstabiilsuse valdkonna väljaanded</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Finantsstabiilsuse ülevaade"></a><a href="/press/financial-stability-publications/fsr/html/index.et.html" title="visit page Finantsstabiilsuse ülevaade">Finantsstabiilsuse ülevaade</a><ul><li><a href="/press/financial-stability-publications/fsr/special/html/index.et.html" title="visit page Teemakäsitlused">Teemakäsitlused</a></li></ul></li><li><a href="/press/financial-stability-publications/macroprudential-bulletin/html/index.et.html" title="visit page EKP makrotasandi usaldatavusjärelevalve ülevaade">EKP makrotasandi usaldatavusjärelevalve ülevaade</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Väljaanded"></a><a href="/press/research-publications/html/index.et.html" title="visit page Väljaanded">Väljaanded</a><ul><li><a href="/press/research-publications/resbull/html/index.et.html" title="visit page Uuringute bülletään">Uuringute bülletään</a></li><li><a href="/press/research-publications/working-papers/html/index.et.html" title="visit page Toimetised">Toimetised</a></li><li><a href="/press/research-publications/discussion-papers/html/index.et.html" title="visit page Aruteludokumendid">Aruteludokumendid</a></li><li><a href="/press/research-publications/occasional-papers/html/index.et.html" title="visit page Üldtoimetised">Üldtoimetised</a></li><li><a href="/press/research-publications/legal-working-papers/html/index.et.html" title="visit page Õigusalased teadustoimetised">Õigusalased teadustoimetised</a></li><li><a href="/press/research-publications/statistics-papers/html/index.et.html" title="visit page Statistikatoimetised">Statistikatoimetised</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Muud väljaanded"></a><a href="/press/other-publications/html/index.et.html" title="visit page Muud väljaanded">Muud väljaanded</a><ul><li><a href="/press/other-publications/mep-letters/html/index.et.html" title="visit page Kirjad Euroopa Parlamendi liikmetele">Kirjad Euroopa Parlamendi liikmetele</a></li><li><a href="/press/other-publications/convergence/html/index.et.html" title="visit page Lähenemisaruanne">Lähenemisaruanne</a></li><li><a href="/press/other-publications/ire/html/index.et.html" title="visit page Euro rahvusvaheline roll">Euro rahvusvaheline roll</a></li></ul></li><li><span>Sündmused ja ajakavad</span></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Pressikonverents"></a><a href="/press/press_conference/html/index.et.html" title="visit page Pressikonverents">Pressikonverents</a><ul><li><a href="/press/press_conference/monetary-policy-statement/html/index.et.html" title="visit page Pressikonverentsid">Pressikonverentsid</a></li><li><a href="/press/press_conference/visual-mps/html/index.et.html" title="visit page Rahapoliitikaotsuste ülevaated">Rahapoliitikaotsuste ülevaated</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Konverentsid ja seminarid"></a><a href="/press/conferences/html/index.et.html" title="visit page Konverentsid ja seminarid">Konverentsid ja seminarid</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for EKP keskpangandusfoorum"></a><a href="/press/conferences/ecbforum/html/index.et.html" title="visit page EKP keskpangandusfoorum">EKP keskpangandusfoorum</a><ul><li><a href="/press/conferences/ecbforum/YE_competition/html/index.et.html" title="visit page Noorte majandusteadlaste konkurss">Noorte majandusteadlaste konkurss</a></li><li><a href="/press/conferences/ecbforum/previous_fora/html/index.et.html" title="visit page Varasemad sündmused">Varasemad sündmused</a></li></ul></li><li><a href="/press/conferences/civil_society_engagement/html/index.et.html" title="visit page Kodanikuühiskonna kaasamine">Kodanikuühiskonna kaasamine</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Ajakavad"></a><a href="/press/calendars/html/index.et.html" title="visit page Ajakavad">Ajakavad</a><ul><li><a href="/press/calendars/weekly/html/index.et.html" title="visit page Nädala ajakava">Nädala ajakava</a></li><li><a href="/press/calendars/mgcgc/html/index.et.html" title="visit page EKP nõukogu ja EKP üldnõukogu istungid">EKP nõukogu ja EKP üldnõukogu istungid</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Statistikaväljaannete ajakava"></a><a href="/press/calendars/statscal/html/index.et.html" title="visit page Statistikaväljaannete ajakava">Statistikaväljaannete ajakava</a><ul><li><a href="/press/calendars/statscal/mfm/html/index.et.html" title="visit page Raha-, pangandus- ja finantsturud">Raha-, pangandus- ja finantsturud</a></li><li><a href="/press/calendars/statscal/eaa/html/index.et.html" title="visit page Euroala kontodEuroala majandus- ja finantsareng institutsiooniliste sektorite kaupa">Euroala kontodEuroala majandus- ja finantsareng institutsiooniliste sektorite kaupa</a></li><li><a href="/press/calendars/statscal/ext/html/index.et.html" title="visit page Välistehingud ja -positsioonid">Välistehingud ja -positsioonid</a></li><li><a href="/press/calendars/statscal/ges/html/index.et.html" title="visit page Hinnad, toodang, nõudlus ja tööturg">Hinnad, toodang, nõudlus ja tööturg</a></li><li><a href="/press/calendars/statscal/gf/html/index.et.html" title="visit page Valitsussektori finantsstatistika">Valitsussektori finantsstatistika</a></li><li><a href="/press/calendars/statscal/sps/html/index.et.html" title="visit page Järelevalvealane ja usaldatavusnõuete statistika">Järelevalvealane ja usaldatavusnõuete statistika</a></li></ul></li><li><a href="/press/calendars/caleu/html/index.et.html" title="visit page Eurosüsteemi pakkumisoperatsioonid">Eurosüsteemi pakkumisoperatsioonid</a></li><li><a href="/press/calendars/reserve/html/index.et.html" title="visit page Reservide hoidmisperioodid">Reservide hoidmisperioodid</a></li></ul></li></ul></div></li><li class="-ssm" aria-expanded="false"><a href="https://www.bankingsupervision.europa.eu/home/html/index.et.html" title="visit page Pangandusjärelevalve">Pangandusjärelevalve<i class="external"></i></a></li></ul></div><div id="topnav"><ul><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for Euroopa Keskpank"></a><a href="/ecb/html/index.et.html" title="visit page Euroopa Keskpank">Euroopa Keskpank</a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">Euroopa Keskpank</div> <a href="/ecb">Overview of Euroopa Keskpank</a><hr> </div> </div></div><ul><li><a href="/ecb/all-about-us/html/index.et.html" title="visit page Ülevaade">Ülevaade</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Juhtimine"></a><a href="/ecb/decisions/html/index.et.html" title="visit page Juhtimine">Juhtimine</a><ul><li><a href="/ecb/decisions/eb/html/index.et.html" title="visit page EKP juhatus">EKP juhatus</a></li><li><a href="/ecb/decisions/govc/html/index.et.html" title="visit page EKP nõukogu">EKP nõukogu</a></li><li><a href="/ecb/decisions/genc/html/index.et.html" title="visit page EKP üldnõukogu">EKP üldnõukogu</a></li><li><a href="/ecb/decisions/ssm/html/index.et.html" title="visit page Järelevalvenõukogu">Järelevalvenõukogu</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Organisatsioon"></a><a href="/ecb/orga/html/index.et.html" title="visit page Organisatsioon">Organisatsioon</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for EKP, EKPS ja eurosüsteem"></a><a href="/ecb/orga/escb/html/index.et.html" title="visit page EKP, EKPS ja eurosüsteem">EKP, EKPS ja eurosüsteem</a><ul><li><a href="/ecb/orga/escb/ecb-mission/html/index.et.html" title="visit page EKP missioon">EKP missioon</a></li><li><a href="/ecb/orga/escb/eurosystem-mission/html/index.et.html" title="visit page Eurosüsteemi missioon">Eurosüsteemi missioon</a></li><li><a href="/ecb/orga/escb/strategic-intents/html/index.et.html" title="visit page Strateegilised suunised">Strateegilised suunised</a></li><li><a href="/ecb/orga/escb/organisational-principles/html/index.et.html" title="visit page Organisatsioonilised põhimõtted">Organisatsioonilised põhimõtted</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Ülesanded"></a><a href="/ecb/orga/tasks/html/index.et.html" title="visit page Ülesanded">Ülesanded</a><ul><li><a href="/ecb/orga/tasks/monpol/html/index.et.html" title="visit page Rahapoliitika">Rahapoliitika</a></li><li><a href="/ecb/orga/tasks/statistics/html/index.et.html" title="visit page Statistika">Statistika</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Finantsstabiilsus ja makrotasandi usaldatavusjärelevalve poliitika"></a><a href="/ecb/orga/tasks/stability/html/index.et.html" title="visit page Finantsstabiilsus ja makrotasandi usaldatavusjärelevalve poliitika">Finantsstabiilsus ja makrotasandi usaldatavusjärelevalve poliitika</a><ul><li><a href="/ecb/orga/tasks/stability/tasks/html/index.et.html" title="visit page Ülesanded">Ülesanded</a></li><li><a href="/ecb/orga/tasks/stability/strategy/html/index.et.html" title="visit page Strateegia">Strateegia</a></li><li><a href="/ecb/orga/tasks/stability/framework/html/index.et.html" title="visit page Institutsiooniline raamistik">Institutsiooniline raamistik</a></li></ul></li><li><a href="/ecb/orga/tasks/euro/html/index.et.html" title="visit page Pangatähed">Pangatähed</a></li><li><a href="/ecb/orga/tasks/paym/html/index.et.html" title="visit page Maksed ja väärtpaberid">Maksed ja väärtpaberid</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Euroopa suhted"></a><a href="/ecb/orga/tasks/europe/html/index.et.html" title="visit page Euroopa suhted">Euroopa suhted</a><ul><li><a href="/ecb/orga/tasks/europe/cooperation/html/index.et.html" title="visit page Euroopa koostöö">Euroopa koostöö</a></li><li><a href="/ecb/orga/tasks/europe/emu/html/index.et.html" title="visit page Majandus- ja rahaliidu poliitikaraamistik">Majandus- ja rahaliidu poliitikaraamistik</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Rahvusvahelised suhted"></a><a href="/ecb/orga/tasks/international/html/index.et.html" title="visit page Rahvusvahelised suhted">Rahvusvahelised suhted</a><ul><li><a href="/ecb/orga/tasks/international/institutions/html/index.et.html" title="visit page Suhted rahvusvaheliste institutsioonidega">Suhted rahvusvaheliste institutsioonidega</a></li><li><a href="/ecb/orga/tasks/international/financialarchitecture/html/index.et.html" title="visit page Rahvusvaheline koostöö keskpankadega">Rahvusvaheline koostöö keskpankadega</a></li></ul></li><li><a href="/ecb/orga/tasks/reserves/html/index.et.html" title="visit page Välisvaluutareservid ja omavahendid">Välisvaluutareservid ja omavahendid</a></li><li><a href="/ecb/orga/tasks/forex/html/index.et.html" title="visit page Välisvaluutaoperatsioonid">Välisvaluutaoperatsioonid</a></li></ul></li><li><a href="/ecb/orga/orgachart/html/index.et.html" title="visit page EKP struktuur">EKP struktuur</a></li><li><a href="/ecb/orga/capital/html/index.et.html" title="visit page Kapitali märkimine">Kapitali märkimine</a></li><li><a href="/ecb/orga/governance/html/index.et.html" title="visit page Juhtimine ja kontroll">Juhtimine ja kontroll</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Mida me väärtustame"></a><a href="/ecb/our-values/html/index.et.html" title="visit page Mida me väärtustame">Mida me väärtustame</a><ul><li><a href="/ecb/our-values/independence/html/index.et.html" title="visit page Sõltumatus">Sõltumatus</a></li><li><a href="/ecb/our-values/transparency/html/index.et.html" title="visit page Läbipaistvus">Läbipaistvus</a></li><li><a href="/ecb/our-values/accountability/html/index.et.html" title="visit page Aruandekohustus">Aruandekohustus</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Eetikapõhimõtted – usaldusväärsus töökeskkonnas"></a><a href="/ecb/our-values/ethics/html/index.et.html" title="visit page Eetikapõhimõtted – usaldusväärsus töökeskkonnas">Eetikapõhimõtted – usaldusväärsus töökeskkonnas</a><ul><li><a href="/ecb/our-values/ethics/enmo/html/index.et.html" title="visit page Mitmepoolsete organisatsioonide eetikavõrgustik (ENMO)">Mitmepoolsete organisatsioonide eetikavõrgustik (ENMO)</a></li></ul></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Ajalugu, kunst ja kultuur"></a><a href="/ecb/history-arts-culture/html/index.et.html" title="visit page Ajalugu, kunst ja kultuur">Ajalugu, kunst ja kultuur</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Ajalugu"></a><a href="/ecb/history-arts-culture/history/html/index.et.html" title="visit page Ajalugu">Ajalugu</a><ul><li><a href="/ecb/history-arts-culture/history/25-year-anniversary-of-the-ecb/html/index.et.html" title="visit page EKP 25">EKP 25</a></li><li><a href="/ecb/history-arts-culture/history/emu/html/index.et.html" title="visit page Majandus- ja rahaliit">Majandus- ja rahaliit</a></li><li><a href="/ecb/history-arts-culture/history/enlargement/html/index.et.html" title="visit page Euroopa Liidu laienemine">Euroopa Liidu laienemine</a></li><li><a href="/ecb/history-arts-culture/history/ec/html/index.et.html" title="visit page Euroopa Liit">Euroopa Liit</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Arhiivid"></a><a href="/ecb/history-arts-culture/archives/html/index.et.html" title="visit page Arhiivid">Arhiivid</a><ul><li><a href="/ecb/history-arts-culture/archives/cog/html/index.et.html" title="visit page Keskpankade presidentide komitee">Keskpankade presidentide komitee</a></li><li><a href="/ecb/history-arts-culture/archives/emcf/html/index.et.html" title="visit page Euroopa Valuutakoostöö Fond">Euroopa Valuutakoostöö Fond</a></li><li><a href="/ecb/history-arts-culture/archives/delors/html/index.et.html" title="visit page Delors’i komitee">Delors’i komitee</a></li><li><a href="/ecb/history-arts-culture/archives/emi/html/index.et.html" title="visit page Euroopa Rahainstituut">Euroopa Rahainstituut</a></li><li><a href="/ecb/history-arts-culture/archives/european/html/index.et.html" title="visit page Euroopa Keskpank">Euroopa Keskpank</a></li></ul></li><li><a href="/ecb/history-arts-culture/artsculture/html/index.et.html" title="visit page Kunst ja kultuur">Kunst ja kultuur</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Õigusraamistik"></a><a href="/ecb/legal/html/index.et.html" title="visit page Õigusraamistik">Õigusraamistik</a><ul><li><a href="/ecb/legal/faqs/html/index.et.html" title="visit page Korduma kippuvad küsimused">Korduma kippuvad küsimused</a></li><li><a href="/ecb/legal/fsla/html/index.et.html" title="visit page Kõige sagedamini otsitavad õigusaktid">Kõige sagedamini otsitavad õigusaktid</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Kliimamuutused ja EKP"></a><a href="/ecb/climate/html/index.et.html" title="visit page Kliimamuutused ja EKP">Kliimamuutused ja EKP</a><ul><li><a href="/ecb/climate/our-climate-and-nature-plan/html/index.et.html" title="visit page Kliima- ja loodusriskidega seotud tegevuskava">Kliima- ja loodusriskidega seotud tegevuskava</a></li><li><a href="/ecb/climate/climate-related-financial-disclosures/html/index.et.html" title="visit page Kliimaga seotud finantsteabe avaldamine">Kliimaga seotud finantsteabe avaldamine</a></li><li><a href="/ecb/climate/managing_mitigating_climatel_risk/html/index.et.html" title="visit page Kliimariskide ohjamine">Kliimariskide ohjamine</a></li><li><a href="/ecb/climate/green_transition/html/index.et.html" title="visit page Rohepöörde toetamine">Rohepöörde toetamine</a></li><li><a href="/ecb/climate/wider_action/html/index.et.html" title="visit page Laiaulatuslikumate meetmete edendamine">Laiaulatuslikumate meetmete edendamine</a></li><li><a href="/ecb/climate/our_approach/html/index.et.html" title="visit page EKP lähenemisviis">EKP lähenemisviis</a></li><li><a href="/ecb/climate/green/html/index.et.html" title="visit page Keskkonnakaitse EKPs">Keskkonnakaitse EKPs</a></li><li><a href="/ecb/climate/climate/html/index.et.html" title="visit page Puudujäägid kliimariskide vastu kindlustamisel">Puudujäägid kliimariskide vastu kindlustamisel</a></li></ul></li><li><a href="/ecb/sanctions/html/index.et.html" title="visit page EKP kehtestatud sanktsioonid">EKP kehtestatud sanktsioonid</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Hanked"></a><a href="/ecb/jobsproc/html/index.et.html" title="visit page Hanked">Hanked</a><ul><li><a href="/ecb/jobsproc/tenders/html/index.et.html" title="visit page Pakkumised">Pakkumised</a></li><li><a href="/ecb/jobsproc/archive/html/index.et.html" title="visit page Arhiiv">Arhiiv</a></li><li><a href="/ecb/jobsproc/sourcing/html/index.et.html" title="visit page E-hankesüsteem">E-hankesüsteem</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Juurdepääs dokumentidele"></a><a href="/ecb/access_to_documents/html/index.et.html" title="visit page Juurdepääs dokumentidele">Juurdepääs dokumentidele</a><ul><li><a href="/ecb/access_to_documents/document/html/index.et.html" title="visit page Avalik dokumendiregister">Avalik dokumendiregister</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Kontaktandmed"></a><a href="/ecb/contacts/html/index.et.html" title="visit page Kontaktandmed">Kontaktandmed</a><ul><li><a href="/ecb/contacts/address/html/index.et.html" title="visit page Aadress">Aadress</a></li><li><a href="/ecb/contacts/working-hours/html/index.et.html" title="visit page Tööaeg">Tööaeg</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for EKP ja sina"></a><a href="/ecb-and-you/html/index.et.html" title="visit page EKP ja sina">EKP ja sina</a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">EKP ja sina</div> <a href="/ecb-and-you">Overview of EKP ja sina</a><hr> </div> </div></div><ul><li><a href="/ecb-and-you/educational/html/index.et.html" title="visit page Täiendavat lugemist">Täiendavat lugemist</a></li><li><a href="/ecb-and-you/explainers/html/index.et.html" title="visit page Suunaviidad">Suunaviidad</a></li><li><a href="/ecb-and-you/test-your-knowledge/html/index.et.html" title="visit page Pane oma teadmised proovile">Pane oma teadmised proovile</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Noortele"></a><a href="/ecb-and-you/youth-initiatives/html/index.et.html" title="visit page Noortele">Noortele</a><ul><li><a href="/ecb-and-you/youth-initiatives/girls_it_bootcamp/html/index.et.html" title="visit page IT koolituslaager tüdrukutele">IT koolituslaager tüdrukutele</a></li></ul></li><li><a href="/ecb-and-you/everyone-needs-stability/html/index.et.html" title="visit page Everyone needs stability">Everyone needs stability</a></li><li><a href="/ecb-and-you/ecb_and_you/html/index.et.html" title="visit page EKP ja sina">EKP ja sina</a></li><li><a href="/ecb-and-you/ask_us/html/index.et.html" title="visit page Küsi meilt">Küsi meilt</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Külastage meid"></a><a href="/ecb-and-you/visits/html/index.et.html" title="visit page Külastage meid">Külastage meid</a><ul><li><a href="/ecb-and-you/visits/premises/html/index.et.html" title="visit page Peamaja">Peamaja</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for Töövõimalused"></a><a href="/careers/html/index.et.html" title="visit page Töövõimalused">Töövõimalused</a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">Töövõimalused</div> <a href="/careers">Overview of Töövõimalused</a><hr> </div> </div></div><ul><li><a href="/careers/all-about-careers/html/index.et.html" title="visit page Ülevaade">Ülevaade</a></li><li><a href="/careers/vacancies/html/index.et.html" title="visit page Vabad töökohad">Vabad töökohad</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Kes me oleme?"></a><a href="/careers/working-at-the-ecb/html/index.et.html" title="visit page Kes me oleme?">Kes me oleme?</a><ul><li><a href="/careers/working-at-the-ecb/about/html/index.et.html" title="visit page Lähemalt EKPst">Lähemalt EKPst</a></li><li><a href="/careers/working-at-the-ecb/employee-portraits/html/index.et.html" title="visit page Meie inimesed">Meie inimesed</a></li><li><a href="/careers/working-at-the-ecb/life-in-frankfurt/html/index.et.html" title="visit page Elu Frankfurdis">Elu Frankfurdis</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Mitmekesisus on meile oluline"></a><a href="/careers/why-we-value-diversity/html/index.et.html" title="visit page Mitmekesisus on meile oluline">Mitmekesisus on meile oluline</a><ul><li><a href="/careers/why-we-value-diversity/women/html/index.et.html" title="visit page Women@ECB">Women@ECB</a></li><li><a href="/careers/why-we-value-diversity/diversity-networks/html/index.et.html" title="visit page Mitmekesisuse võrgustikud">Mitmekesisuse võrgustikud</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Mida me pakume"></a><a href="/careers/what-we-offer/html/index.et.html" title="visit page Mida me pakume">Mida me pakume</a><ul><li><a href="/careers/what-we-offer/benefits/html/index.et.html" title="visit page Hüved ja toetused">Hüved ja toetused</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Töölepingud"></a><a href="/careers/what-we-offer/contract/html/index.et.html" title="visit page Töölepingud">Töölepingud</a><ul><li><a href="/careers/what-we-offer/contract/fixed/html/index.et.html" title="visit page Tähtajalised töölepingud">Tähtajalised töölepingud</a></li><li><a href="/careers/what-we-offer/contract/short/html/index.et.html" title="visit page Lühiajalised töölepingud">Lühiajalised töölepingud</a></li><li><a href="/careers/what-we-offer/contract/escb/html/index.et.html" title="visit page EKPS ja rahvusvahelised organisatsioonid">EKPS ja rahvusvahelised organisatsioonid</a></li><li><a href="/careers/what-we-offer/contract/other/html/index.et.html" title="visit page Muud lepingud">Muud lepingud</a></li></ul></li><li><a href="/careers/what-we-offer/traineeship/html/index.et.html" title="visit page Praktikavõimalused">Praktikavõimalused</a></li><li><a href="/careers/what-we-offer/graduate/html/index.et.html" title="visit page Diplomijärgne programm">Diplomijärgne programm</a></li><li><a href="/careers/what-we-offer/wecs/html/index.et.html" title="visit page Stipendium „Naised majandusteaduses”">Stipendium „Naised majandusteaduses”</a></li><li><a href="/careers/what-we-offer/ukrainian-scholarship/html/index.et.html" title="visit page EKP stipendium Ukraina tudengitele">EKP stipendium Ukraina tudengitele</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Kuidas meiega ühineda?"></a><a href="/careers/before-you-apply/html/index.et.html" title="visit page Kuidas meiega ühineda?">Kuidas meiega ühineda?</a><ul><li><a href="/careers/before-you-apply/how-to-apply/html/index.et.html" title="visit page Kandideerimine">Kandideerimine</a></li><li><a href="/careers/before-you-apply/how-we-hire/html/index.et.html" title="visit page Töölevõtuprotsess">Töölevõtuprotsess</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Uutele töötajatele"></a><a href="/careers/before-you-apply/newcomers/html/index.et.html" title="visit page Uutele töötajatele">Uutele töötajatele</a><ul><li><a href="/careers/before-you-apply/newcomers/fixed-term/html/index.et.html" title="visit page Tähtajalise lepinguga töötajad">Tähtajalise lepinguga töötajad</a></li><li><a href="/careers/before-you-apply/newcomers/short-term/html/index.et.html" title="visit page Lühiajalise lepinguga töötajad">Lühiajalise lepinguga töötajad</a></li><li><a href="/careers/before-you-apply/newcomers/trainee/html/index.et.html" title="visit page Praktikandid">Praktikandid</a></li><li><a href="/careers/before-you-apply/newcomers/cost-free/html/index.et.html" title="visit page Tasustamata töölähetus">Tasustamata töölähetus</a></li></ul></li></ul></li><li><a href="/careers/faq/html/index.et.html" title="visit page Korduma kippuvad küsimused">Korduma kippuvad küsimused</a></li></ul></div></li></ul></div></nav> <div id="page-actions"> <div class="ecb-quickSearch" style="width:100%;"> <form role="search" method="get" style="width:100%;display:flex" onsubmit="return false"> <input type="text" name="search" class="addsearch" id="searchInput" maxlength="300" aria-label="Search" alt="Search" autocomplete="off" /> <a href="#" id="searchButton">Search</a> </form> </div> </div> <button id="toggle-mobile-nav" aria-expanded="false" aria-controls="navwrapper"><span class="sr-only">Menu</span></button> </div> <div id="ecb-breadcrumbscontainer"><div id="ecb-breadcrumbwrapper"><nav id="ecb-breadcrumbs"></nav></div></div> </header> <div id="ecb-mainnavwrapper" style="display: none !important;"></div> <div id="addSearch-container-full"> <div class="blue-bg"> <div class="arrow-top"></div> <div class="section filter-radio"> <div class="tabs-container -white-blue"> <input id="searchAll" name="search-tab-group" type="radio" checked="" onClick="ECB.slow.addSearchApi.filterDate(this.value);" value="all"> <label for="searchAll" class="count-hits-all">KÕIK <span class="count-hits"></span></label> <div class="spacer"></div> <input id="searchMonth" name="search-tab-group" type="radio" onClick="ECB.slow.addSearchApi.filterDate(this.value);" value="month"> <label for="searchMonth" class="count-hits-month">VIIMANE KUU <span class="count-hits"></span></label> <div class="spacer"></div> <input id="searchYear" name="search-tab-group" type="radio" onClick="ECB.slow.addSearchApi.filterDate(this.value);" value="year"> <label for="searchYear" class="count-hits-year">VIIMANE AASTA <span class="count-hits"></span></label> </div> <div class="tabs-search-options-head"> <div id="text-search-options" class="title-option">Otsingu valikud</div> <div id="text-image-preview" class="title-option hidden">Pildi eelvaade</div> </div> </div> <div class="arrow-bottom"></div> <div class="filter-selection form"> <div class="form-content"> <form> <div> <label for="dropdownSuggestions">Sorteeri</label> <div id="dropdownFilter" class="dropdown"><span class="icon"></span><select onchange="ECB.slow.addSearchApi.filterDate(this.value)" id="searchFilterDate"> <option value="all" class="count-hits-all">KÕIK</option> <option value="month" class="count-hits-month">VIIMANE KUU</option> <option value="year" class="count-hits-year">VIIMANE AASTA</option> </select> </div> </div> <div> <label for="dropdownSuggestions" class="space-top">Soovitused</label> <div id="dropdownSuggestions" class="dropdown"><span class="icon"></span><select onchange="ECB.slow.addSearchApi.initSearch(this.value)" id="searchSuggestion"> <option></option> </select> </div> </div> </form> </div> </div> </div> <div class="white-bg"> <div class="section"> <div class="result-main-panel"><div id="addsearch-api-results"></div> <div class="addsearch-legends-categories"><span id="adcat_home">Avaleht</span> <span id="adcat_press">Meedia</span> <span id="adcat_explainers">Suunaviidad</span> <span id="adcat_pub">Uuringud & väljaanded</span> <span id="adcat_stats">Statistika</span> <span id="adcat_mopo">Rahapoliitika</span> <span id="adcat_euro">Euro</span> <span id="adcat_paym">Maksed & turud</span> <span id="adcat_career">Töövõimalused</span></div> </div> <div class="result-side-panel"> <div id="addsearch-sidemenu"> <div id="result-suggestions"><span>Soovitused</span><div id="suggestions-container"> </div> </div> <div id="result-sortBy"><span>Sorteeri</span><div id="sortby-radio-container"> <div class="addsearch-sortby-radiogroup"> <label> <input id="sort-by-relevance" type="radio" name="sortby-radio-container" onclick="ECB.slow.addSearchApi.sortBy('relevance')" data-field="relevance" data-order="desc" value="" checked="">Olulisuse järgi</label> <label> <input id="sort-by-date" type="radio" name="sortby-radio-container" onclick="ECB.slow.addSearchApi.sortBy('date')" data-field="date" data-order="desc" value="">Kuupäeva järgi</label> </div> </div> </div> </div> <div id="addsearch-image-container"><a href="#" class="no-icon" target="_blank"><img src="" id="addsearch-image" /></a></div> </div> </div> </div> </div> <div id="main-wrapper" > <div class="header fast image-attribution -small" data-image-webp="/mopo/shared/img/header.webp" data-image="/mopo/shared/img/header.jpg"> <div data-image="/mopo/shared/img/header.jpg" data-image-webp="/mopo/shared/img/header.webp" ></div> </div> <aside aria-label="Social media sharing and related content (if available)"> <div id="ecb-social-sharing" class="" tab-index="2"> <ul class="-links"> <li class="-print"><a href="javascript:window.print()" title="Print page"></a></li> </ul> <div class="-separator"></div> <ul class="-links"> <li class="-twitter"><a href="javascript:window.open('https://twitter.com/intent/tweet?url='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on X"></a></li> <li class="-facebook"><a href="javascript:window.open('https://www.facebook.com/sharer/sharer.php?u='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on Facebook"></a></li> <li class="-linkedin"><a href="javascript:window.open('https://www.linkedin.com/shareArticle?url='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on LinkedIn"></a></li> <li class="-email"><a href="javascript:window.open('mailto:?subject=I would like to share this link with you&body=Link to the website of the European Central Bank: '+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''))" title="Share by Email"></a></li> </ul> </div> </aside> <main > <div class="toBeUpdated" id="language-not-available">Ei ole eesti keeles kättesaadav</div> <div class="title"> <h1>Asset purchase programmes</h1> </div> <div class="section"> <p>Looking for information on the <a href="/mopo/implement/pepp/html/index.en.html" data-label="inglise keel">pandemic emergency purchase programme (PEPP)</a>?</p> </div>  <div class="section"> <p>The ECB’s asset purchase programme (APP) started as part of a package of non-standard monetary policy measures that also included targeted longer-term refinancing operations, and which was initiated in mid-2014 to support the monetary policy transmission mechanism and provide the amount of policy accommodation needed to ensure price stability.</p> <p>The APP consists of the:</p> <ul class="-link-icons"> <li><a href="/mopo/implement/app/html/index.et.html#cspp" data-label="inglise keel">corporate sector purchase programme (CSPP)</a></li> <li><a href="/mopo/implement/app/html/index.et.html#pspp" data-label="inglise keel">public sector purchase programme (PSPP)</a></li> <li><a href="/mopo/implement/app/html/index.et.html#abspp" data-label="inglise keel">asset-backed securities purchase programme (ABSPP)</a> </li> <li><a href="/mopo/implement/app/html/index.et.html#cbpp3" data-label="inglise keel">third covered bond purchase programme (CBPP3)</a></li> </ul> <p>As part of the <a href="/home/search/review/html/ecb.strategyreview_monpol_strategy_statement.en.html">ECB’s monetary policy strategy review</a>, concluded in July 2021, the Governing Council reiterated that the ECB’s primary monetary policy instrument is its set of policy rates. However, the Governing Council also recognised that, in the presence of an effective lower bound on policy rates, it will also employ other instruments, namely forward guidance, asset purchases and longer-term refinancing operations, as appropriate. This means that asset purchase programmes are now part of the ECB’s set of instruments for steering its monetary policy to ensure inflation stabilises at its 2% target in the medium term.</p> <p>Over the years, the Governing Council has taken several decisions to recalibrate the pace of purchases and reinvestments. The most recent recalibration was on 15 June 2023, when the Governing Council <a href="/press/pr/date/2023/html/ecb.mp230615~d34cddb4c6.en.html">announced</a> that it would discontinue reinvestments under the APP as of July 2023. Going forward, the APP portfolio is expected to decrease as assets reach maturity unless the Governing Council decides, as appropriate, to use this instrument to steer the ECB’s monetary policy.</p> <h2>APP net purchases, by programme</h2> <p>The Eurosystem started to purchase securities under the asset purchase programmes of its APP in October 2014. The Governing Council recalibrated the overall net purchases under these programmes from time to time as follows:</p> <ul> <li>€60 billion of net purchases from March 2015 to March 2016;</li> <li>€80 billion of net purchases from April 2016 to March 2017;</li> <li>€60 billion of net purchases from April to December 2017;</li> <li>€30 billion of net purchases from January to September 2018;</li> <li>€15 billion of net purchases from October to December 2018;</li> <li>no net purchases, only reinvestments of redemptions, from January to October 2019;</li> <li>€20 billion of net purchases from November 2019 to March 2022 (a temporary €120 billion envelope of net asset purchases was added from March to December 2020);</li> <li>€40 billion of net purchases in April 2022;</li> <li>€30 billion of net purchases in May 2022;</li> <li>€20 billion of net purchases in June 2022;</li> <li>no net purchases, but full reinvestments of redemptions between July 2022 and February 2023;</li> <li>no net purchases and only partial reinvestments of redemptions from March 2023 to June 2023;</li> <li>no reinvestments of redemptions as of July 2023.</li> </ul> </div> <div class="section"> <div class="figure"> <h3>Chart: Net asset purchases by programme under APP </h3><img src="/mopo/pdf/ecb.APP_net_purchases_by_programme.en.png?qwer" alt="Net asset purchases by programme under APP"> <figcaption><p-small>Source: ECB<br>Notes: The average monthly APP targets were first set by the ECB’s Governing Council at the start of the PSPP in March 2015. The additional envelope of €120 billion decided by the Governing Council on 12 March 2020 has been linearised for illustration in this chart, while it will be implemented in full according to the established principles with additional flexibility.</p> </figcaption> </figure> </div> </div> <div class="section"> <p>On 9 June 2022 the Governing Council decided to discontinue net asset purchases under the APP as of 1 July 2022, but to continue reinvesting, in full, the principal payments from maturing securities purchased under the APP. On 15 December 2022 the Governing Council decided that from the beginning of March 2023, the APP portfolio will decline at a measured and predictable pace, as the Eurosystem will not reinvest all of the principal payments from maturing securities. The decline will amount to €15 billion per month on average until the end of the second quarter of 2023 and its subsequent pace will be determined over time. On 2 February 2023 the Governing Council <a href="/press/pr/date/2023/html/ecb.pr230202~1a4ecbe398.en.html">decided</a> on the detailed modalities for reducing the Eurosystem holdings of securities under the APP through the partial reinvestment of the principal payments from maturing securities. On 4 May 2023 the Governing Council announced it expected to discontinue reinvestments under the APP as of July 2023. On 15 June 2023 the Governing Council confirmed that reinvestments under the APP would be discontinued as of July 2023.</p> <p>The table presents the Eurosystem holdings at the end of the month and a breakdown in the change of Eurosystem holdings.</p> </div> <div class="table "> <div class="header"> <div class="title"> Eurosystem holdings under the asset purchase programme </div> </div> <div class="wrapper"> <table> <thead> <tr> <th>Changes of holdings (previous month)</th> <th class="number">ABSPP</th> <th class="number">CBPP3</th> <th class="number">CSPP</th> <th class="number">PSPP</th> <th class="number">APP</th> </tr> </thead> <tbody> <tr> <th>Holdings* in September 2024</th> <td class="number"><strong>8,003</strong></td> <td class="number"><strong>258,768</strong></td> <td class="number"><strong>297,662</strong></td> <td class="number"><strong>2,196,710</strong></td> <td class="number"><strong>2,761,143</strong></td> </tr> <tr> <th>Monthly net purchases</th> <td class="number"><strong>-256</strong></td> <td class="number"><strong>-736</strong></td> <td class="number"><strong>-3,154</strong></td> <td class="number"><strong>-30,973</strong></td> <td class="number"><strong>-35,120</strong></td> </tr> <tr> <th>Quarter-end amortisation adjustment and redemptions of coupon STRIPS</th> <td class="number"><strong></strong></td> <td class="number"><strong></strong></td> <td class="number"><strong></strong></td> <td class="number"><strong></strong></td> <td class="number"><strong></strong></td> </tr> <tr> <th>Holdings* in October 2024</th> <td class="number"><strong>7,748</strong></td> <td class="number"><strong>258,032</strong></td> <td class="number"><strong>294,507</strong></td> <td class="number"><strong>2,165,737</strong></td> <td class="number"><strong>2,726,024</strong></td> </tr> </tbody> <tfoot> <tr> <td colspan="6">*At amortised cost, in EUR millions, at month-end. Figures may not add up due to rounding. Figures are preliminary and may be subject to revision.</td> </tr> </tfoot> </table> </div> </div> <div class="section"> <p>Amortisation adjustments are made at the end of each quarter. The amortisation emerges from an accounting principle that implies that securities purchased at prices below face value have to be revalued upwards over time towards maturity, and revalued downwards over time, if purchased at prices above face value. STRIPS are accounted for at the end of each month (see Question 2.4 in the <a href="/mopo/implement/app/html/ecb.faq_pspp.en.html#eligibility">Q&A</a>).</p>  <ul class="-link-icons"> <li> <a class="csv" href="/mopo/pdf/APP_breakdown_history.csv?8977912aec49c89aefea8b78b1f36008">History of cumulative purchase breakdowns under the APP</a> <span class="lastUpdate"><span id="lastUpdateLabel">last update: </span>5. november 2024</span> </li> </ul> <p>Weekly changes are reported below and in the <a href="https://www.ecb.europa.eu/press/pr/wfs/html/index.en.html">Eurosystem weekly financial statement</a>. Full historical data are available in the Statistics section under <a href="/stats/policy_and_exchange_rates/minimum_reserves/html/index.en.html">Data on daily liquidity conditions</a>.</p> <h3>APP cumulative net purchases, by programme</h3> <p>The stock of Eurosystem APP bonds stood at €2,933 billion at the end of October 2024. The cumulative net purchases are illustrated below.</p> <img src="/mopo/pdf/ecb.APP_cumulative_net_purchases_by_programme.en.png?qwer" alt="Eurosystem cumulative net asset purchases from 2015-2018, broken down by purchase programme type. Reinvestments from 2019."> <h2 id="redemptions">APP redemptions</h2> <p>During the reinvestment phase of the APP, when reinvesting APP redemptions, the Eurosystem in general adhered to the principle of market neutrality via a smooth and flexible implementation. More specifically, for corporate bond reinvestments, from October 2022 the Eurosystem tilted these purchases towards issuers with a <a href="/mopo/implement/app/html/ecb.cspp_climate_change-faq.en.html">better climate performance</a>.</p> <p>Additionally, on 2 February 2023 the Governing Council <a href="/press/pr/date/2023/html/ecb.pr230202~1a4ecbe398.en.html" data-label="inglise keel">decided</a> that during the phase of partial reinvestment the Eurosystem’s corporate bond purchases would be tilted more strongly towards issuers with a better climate performance. </p> <p>To allow for a regular and balanced market presence the Governing Council decided to distribute the reinvestment of principal redemptions through time. </p> <p>The table presents estimated monthly redemptions for the next 24 months.</p> </div> <div class="table"> <div class="header"> <div class="title"> Expected monthly redemption amounts for the APP over a rolling 24-month horizon (in EUR millions)* </div> </div> <div class="wrapper"> <table> <thead> <tr> <th scope="row"><strong>EUR millions</strong></th> <td class="number"><strong>ABSPP </strong></td> <td class="number"><strong>CBPP3 </strong></td> <td class="number"><strong>CSPP</strong></td> <td class="number"><strong>PSPP</strong></td> <td class="number"><strong>APP</strong></td> </tr> <tr> <th scope="row"><strong>Aug 24</strong></th> <td class="number"><strong>243</strong></td> <td class="number"><strong>541</strong></td> <td class="number"><strong>244</strong></td> <td class="number"><strong>10,533</strong></td> <td class="number"><strong>11,561</strong></td> </tr> <tr> <th scope="row"><strong>Sep 24</strong></th> <td class="number"><em>354</em></td> <td class="number"><em>2,993</em></td> <td class="number"><em>4,738</em></td> <td class="number"><em>17,505</em></td> <td class="number"><em>25,590</em></td> </tr> <tr> <th scope="row"><strong>Oct 24</strong></th> <td class="number"><em>431</em></td> <td class="number"><em>736</em></td> <td class="number"><em>2,613</em></td> <td class="number"><em>30,578</em></td> <td class="number"><em>34,358</em></td> </tr> <tr> <th scope="row"><strong>Nov 24</strong></th> <td class="number"><em>230</em></td> <td class="number"><em>3,136</em></td> <td class="number"><em>2,031</em></td> <td class="number"><em>21,298</em></td> <td class="number"><em>26,695</em></td> </tr> <tr> <th scope="row"><strong>Dec 24</strong></th> <td class="number"><em>344</em></td> <td class="number"><em>1,790</em></td> <td class="number"><em>1,944</em></td> <td class="number"><em>15,643</em></td> <td class="number"><em>19,721</em></td> </tr> <tr> <th scope="row"><strong>Jan 25</strong></th> <td class="number"><em>1,268</em></td> <td class="number"><em>4,335</em></td> <td class="number"><em>2,973</em></td> <td class="number"><em>13,463</em></td> <td class="number"><em>22,039</em></td> </tr> <tr> <th scope="row"><strong>Feb 25</strong></th> <td class="number"><em>214</em></td> <td class="number"><em>8,635</em></td> <td class="number"><em>3,788</em></td> <td class="number"><em>24,021</em></td> <td class="number"><em>36,658</em></td> </tr> <tr> <th scope="row"><strong>Mar 25</strong></th> <td class="number"><em>293</em></td> <td class="number"><em>3,709</em></td> <td class="number"><em>4,279</em></td> <td class="number"><em>33,379</em></td> <td class="number"><em>41,660</em></td> </tr> <tr> <th scope="row"><strong>Apr 25</strong></th> <td class="number"><em>346</em></td> <td class="number"><em>3,373</em></td> <td class="number"><em>5,137</em></td> <td class="number"><em>26,671</em></td> <td class="number"><em>35,527</em></td> </tr> <tr> <th scope="row"><strong>May 25</strong></th> <td class="number"><em>158</em></td> <td class="number"><em>4,448</em></td> <td class="number"><em>2,699</em></td> <td class="number"><em>20,541</em></td> <td class="number"><em>27,846</em></td> </tr> <tr> <th scope="row"><strong>Jun 25</strong></th> <td class="number"><em>225</em></td> <td class="number"><em>3,864</em></td> <td class="number"><em>2,940</em></td> <td class="number"><em>18,261</em></td> <td class="number"><em>25,290</em></td> </tr> <tr> <th scope="row"><strong>Jul 25</strong></th> <td class="number"><em>166</em></td> <td class="number"><em>1,135</em></td> <td class="number"><em>2,156</em></td> <td class="number"><em>26,161</em></td> <td class="number"><em>29,618</em></td> </tr> <tr> <th scope="row"><strong>Aug 25</strong></th> <td class="number"><em>166</em></td> <td class="number"><em>468</em></td> <td class="number"><em>562</em></td> <td class="number"><em>13,114</em></td> <td class="number"><em>14,310</em></td> </tr> <tr> <th scope="row"><strong>Sep 25</strong></th> <td class="number"><em>277</em></td> <td class="number"><em>6,492</em></td> <td class="number"><em>5,259</em></td> <td class="number"><em>12,568</em></td> <td class="number"><em>24,596</em></td> </tr> <tr> <th scope="row"><strong>Oct 25</strong></th> <td class="number"><em>307</em></td> <td class="number"><em>1,864</em></td> <td class="number"><em>1,005</em></td> <td class="number"><em>37,073</em></td> <td class="number"><em>40,249</em></td> </tr> <tr> <th scope="row"><strong>Nov 25</strong></th> <td class="number"><em>271</em></td> <td class="number"><em>2,106</em></td> <td class="number"><em>2,008</em></td> <td class="number"><em>20,060</em></td> <td class="number"><em>24,445</em></td> </tr> <tr> <th scope="row"><strong>Dec 25</strong></th> <td class="number"><em>147</em></td> <td class="number"><em>1,903</em></td> <td class="number"><em>1,693</em></td> <td class="number"><em>8,274</em></td> <td class="number"><em>12,017</em></td> </tr> <tr> <th scope="row"><strong>Jan 26</strong></th> <td class="number"><em>268</em></td> <td class="number"><em>4,740</em></td> <td class="number"><em>4,212</em></td> <td class="number"><em>8,318</em></td> <td class="number"><em>17,538</em></td> </tr> <tr> <th scope="row"><strong>Feb 26</strong></th> <td class="number"><em>304</em></td> <td class="number"><em>3,911</em></td> <td class="number"><em>2,926</em></td> <td class="number"><em>35,650</em></td> <td class="number"><em>42,791</em></td> </tr> <tr> <th scope="row"><strong>Mar 26</strong></th> <td class="number"><em>170</em></td> <td class="number"><em>1,575</em></td> <td class="number"><em>5,946</em></td> <td class="number"><em>25,077</em></td> <td class="number"><em>32,768</em></td> </tr> <tr> <th scope="row"><strong>Apr 26</strong></th> <td class="number"><em>87</em></td> <td class="number"><em>3,685</em></td> <td class="number"><em>4,673</em></td> <td class="number"><em>42,520</em></td> <td class="number"><em>50,965</em></td> </tr> <tr> <th scope="row"><strong>May 26</strong></th> <td class="number"><em>57</em></td> <td class="number"><em>1,003</em></td> <td class="number"><em>7,111</em></td> <td class="number"><em>21,748</em></td> <td class="number"><em>29,919</em></td> </tr> <tr> <th scope="row"><strong>Jun 26</strong></th> <td class="number"><em>138</em></td> <td class="number"><em>2,317</em></td> <td class="number"><em>4,937</em></td> <td class="number"><em>17,964</em></td> <td class="number"><em>25,356</em></td> </tr> <tr> <th scope="row"><strong>Jul 26</strong></th> <td class="number"><em>81</em></td> <td class="number"><em>1,554</em></td> <td class="number"><em>1,467</em></td> <td class="number"><em>24,590</em></td> <td class="number"><em>27,692</em></td> </tr> </tbody> <tfoot> <tr> <td colspan="6">* Actual redemption, based on month-end data. ECB estimates in italics. Figures may not add up due to rounding. Figures are preliminary and may be subject to revision. <br> Notes: Realised redemptions may differ from estimated redemptions. As of 3 September 2024, monthly redemptions will be published at an annual frequency. To preserve the current level of information, the redemption horizon will be extended to 24 months<em>.</em></td> </tr> </tfoot> </table> </div> </div> <div class="section">  <ul class="-link-icons"> <li> <a class="csv" href="/mopo/pdf/APP_redemptions_history.csv?308edfd3fe781b028f49ce6e27a9f810">History of APP redemptions</a> <span class="lastUpdate"><span id="lastUpdateLabel">last update: </span>5. november 2024</span> </li> </ul> <h2 id="cspp">Corporate sector purchase programme</h2> <p>Between 8 June 2016 and 19 December 2018 the Eurosystem conducted net purchases of corporate sector bonds under the corporate sector purchase programme (CSPP). From January to October 2019 the Eurosystem only reinvested the principal payments from maturing securities held in the CSPP portfolio. Purchases of securities under the CSPP were then restarted on 1 November 2019 and continued until the end of June 2022. Between July 2022 and February 2023 the Eurosystem aimed to fully reinvest the principal payments from maturing securities. From March 2023 the Eurosystem only partially reinvested the principal payments from maturing CSPP securities. The Eurosystem discontinued all CSPP reinvestments as of July 2023.</p> <p>As announced in July 2022, the Eurosystem aims to gradually decarbonise its corporate bond holdings, on a path aligned with the goals of the Paris Agreement. To that end, the Eurosystem tilted these purchases under the APP towards issuers with a better climate performance through the reinvestment of the sizeable redemptions. </p> <ul class="-link-icons"> <li><a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?qid=1593530521495&uri=CELEX:32016D0016">Decision ECB/2016/16 of 1 June 2016</a></li> <li><a href="https://eur-lex.europa.eu/search.html?qid=1598887522263&text=ECB/2017/4&scope=ECB_ACTS&type=quick&lang=en">Decision ECB/2017/4 of 11 January 2017 amending Decision ECB/2016/16</a></li> <li><a href="https://eur-lex.europa.eu/search.html?qid=1598887522263&text=ECB/2017/13&scope=ECB_ACTS&type=quick&lang=en">Decision ECB/2017/13 of 18 May 2017 amending Decision ECB/2016/16</a></li> <li><a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32020D0441">Decision ECB/2020/18 of 24 March 2020 amending Decision ECB/2016/16</a></li> <li><a href="/press/pr/date/2016/html/pr160421_1.en.html" data-label="inglise keel">Press release announcing the details of the corporate sector purchase programme</a></li> <li><a href="/press/economic-bulletin/html/eb201605.et.html#IDofBox2" data-label="inglise keel">Economic Bulletin Issue 5/2016 – The corporate bond market and the ECB’s corporate sector purchase programme</a></li> <li><a href="/press/economic-bulletin/html/eb201704.et.html#IDofBox2" data-label="inglise keel">Economic Bulletin Issue 4/2017 – The ECB’s corporate sector purchase programme: its implementation and impact</a></li> <li><a href="/press/economic-bulletin/html/eb201803.et.html#IDofArticle2" data-label="inglise keel">Economic Bulletin Issue 3/2018 – The impact of the corporate sector purchase programme on corporate bond markets and the financing of euro area non-financial corporations</a></li> <li><a href="/press/pr/date/2022/html/ecb.pr220919~fae53c59bd.en.html" data-label="inglise keel">Press release of 19 September 2022 – ECB takes further steps to incorporate climate change into its monetary policy operations</a></li> <li><a href="/mopo/implement/app/html/ecb.faq_cspp.en.html" data-label="inglise keel">FAQ on purchases of corporate sector debt instruments under the Eurosystem’s monetary policy purchase programmes</a></li> <li><a href="/mopo/implement/app/html/ecb.faq_cspp_nfcp.en.html" data-label="inglise keel">FAQ on non-financial commercial paper purchases under the Eurosystem’s monetary policy purchase programmes</a></li> <li><a href="/mopo/implement/app/html/ecb.faq_cspp_climate_change.en.html" data-label="inglise keel">FAQ on incorporating climate change considerations into corporate bond purchases</a></li> <li><a href="/pub/pdf/other/ecb.climate_related_financial_disclosures_eurosystem_corporate_sector_holdings_monetary_policy_purposes2023~9eae8df8d9.en.pdf">Climate-related financial disclosures of the Eurosystem’s corporate sector holdings for monetary policy purposes</a></li> </ul> <p class="ecb-small">Securities held under the CSPP that meet the programme’s minimum credit quality requirement are made available for securities lending to support market liquidity and collateral availability in the market.</p> <div class="table "> <div class="header"> <div class="title"> CSPP holdings* </div> </div> <div class="wrapper"> <table> <tbody> <tr> <th>EUR mil.</th> <td class="number"> 292,930 </td> </tr> <tr> <th>Date</th> <td class="number"> 15 November 2024 </td> </tr> </tbody> <tfoot> <tr> <td colspan="2">* End of week, at amortised cost</td> </tr> </tfoot> </table> </div> </div> <ul class="-link-icons"> <li> <a class="csv" href="/mopo/pdf/CSPP_PEPP_corporate_bond_holdings_20241115.csv?204a74dc0951aa7cdc12488c2445c136">List of corporate bond securities held under the CSPP/PEPP (end of week)</a> <span class="lastUpdate"><span id="lastUpdateLabel">last update: </span>19. november 2024</span> </li>   <li> <a class="csv" href="/mopo/pdf/CSPP_breakdown_history.csv?2722fdc7eb4e2af685cb2a60c68f2801">History of cumulative purchase breakdowns under the CSPP</a> <span class="lastUpdate"><span id="lastUpdateLabel">last update: </span>3. september 2024</span> </li> <li> <a class="xls" href="/mopo/pdf/CSPP_breakdown_by_sector_rating_country.xlsx?7fa6b0b5f46d6f5e4d8ea63056ca316d">Breakdown of CSPP portfolio by sector, rating and country of risk (semi-annual)</a> <span class="lastUpdate"><span id="lastUpdateLabel">last update: </span>2. mai 2024</span> </li> </ul> </div> <style> .date_picker_holder { margin-bottom: 15px !important; margin-top: 5px; position: relative; width: 300px; } .ui-datepicker-title { width: 255px; } .ui-datepicker-month, .ui-datepicker-year { background-color: #eee; font-size: 14px; line-height: 19.6px; margin: 0; outline: 0; padding: 5px 10px; } .ui-datepicker-prev, .ui-datepicker-next { position: absolute !important; } .ui-datepicker-next { left: 244px !important; } </style> <div class="accordion"> <div class="header"> <div class="title">Historical lists of securities held under the CSPP</div> </div> <div class="content-box" style="padding-bottom:20px"> <div class="date_picker_holder" style="line-height:16.8px"> Select date <div id="download_calendar" data-type="cspp" data-start-date="2017-06-23"></div> <input type="button" value="Display csv" class="ecb-buttonHighlight" id="download_calendarButton"> </div> </div> </div> <div class="section"> <h2 id="pspp">Public sector purchase programme</h2> <p>The Eurosystem conducted net purchases of public sector securities under the public sector purchase programme (PSPP) between 9 March 2015 and 19 December 2018. From January to October 2019 the Eurosystem only reinvested the principal payments from maturing securities held in the PSPP portfolio. Purchases of securities under the PSPP were then restarted on 1 November 2019 and continued until the end of June 2022. Between July 2022 and February 2023 the Eurosystem aimed to fully reinvest the principal payments from maturing securities. From March 2023 the Eurosystem only partially reinvested the principal payments from maturing PSPP securities. As of July 2023 the Eurosystem discontinued all PSPP reinvestments.</p> <p>The securities covered by the PSPP include:</p> <ul> <li>nominal and inflation-linked central government bonds</li> <li>bonds issued by recognised agencies, regional and local governments, international organisations and multilateral development banks located in the euro area</li> </ul> <p>Since December 2018 government bonds and recognised agencies make up around 90% of the total Eurosystem portfolio, while securities issued by international organisations and multilateral development banks account for around 10%. </p> <ul class="-link-icons"> <li><a href="/mopo/implement/app/html/pspp.et.html" data-label="inglise keel">Implementation aspects of the PSPP</a></li> <li><a href="https://eur-lex.europa.eu/search.html?qid=1598887522263&text=ECB/2015/10&scope=ECB_ACTS&type=quick&lang=en">Decision ECB/2015/10 of 4 March 2015</a></li> <li><a href="https://eur-lex.europa.eu/search.html?qid=1598887522263&text=ECB/2015/33&scope=ECB_ACTS&type=quick&lang=en">Decision ECB/2015/33 of 5 November 2015 amending Decision ECB/2015/10</a></li> <li><a href="https://eur-lex.europa.eu/search.html?qid=1598887522263&text=ECB/2015/48&scope=ECB_ACTS&type=quick&lang=en">Decision ECB/2015/48 of 16 December 2015 amending Decision ECB/2015/10 </a></li> <li><a href="https://eur-lex.europa.eu/search.html?qid=1598887522263&text=ECB/2016/8&scope=ECB_ACTS&type=quick&lang=en">Decision ECB/2016/8 of 18 April 2016 amending Decision ECB/2015/10 </a></li> <li><a href="https://eur-lex.europa.eu/search.html?qid=1598887522263&text=ECB/2017/1&scope=ECB_ACTS&type=quick&lang=en">Decision ECB/2017/1 of 11 January 2017 amending Decision ECB/2015/10 </a></li> <li><a href="/mopo/implement/app/html/ecb.faq_pspp.en.html" data-label="inglise keel">FAQ on the public sector purchase programme</a></li> </ul> <p class="footnotes">Securities purchased under the PSPP are made available for <a href="/mopo/implement/omt/lending/html/index.en.html">securities lending</a> to support market liquidity and collateral availability in the market.</p> </div> <div class="table"> <div class="header"> <div class="title"> PSPP holdings* </div> </div> <div class="wrapper"> <table> <tbody> <tr> <th>EUR millions</th> <td class="number"> 2,157,483 </td> </tr> <tr> <th>Date</th> <td class="number"> 15 November 2024 </td> </tr> </tbody> <tfoot> <tr> <td colspan="2">* End of week, at amortised cost</td> </tr> </tfoot> </table> </div> </div> <div class="table"> <div class="header"> <div class="title"> Breakdown of debt securities under the PSPP </div> </div> <div class="wrapper"> <table> <thead> <tr> <td class="number"><strong>(EUR millions)</strong></td> <td class="number"><strong>Cumulative net purchases as of end December 2023*</strong></td> <td class="number"><strong>Monthly net purchases October 2024</strong></td> <td class="number"><strong>Cumulative net purchases as of October 2024*</strong></td> <td class="number"><strong>WAM of PSPP portfolio holdings end December 2023**</strong></td> <td class="number"><strong>Current WAM of PSPP portfolio holdings**</strong></td> <td class="number"><strong>WAM of eligible universe of securities under the PSPP as at end-October 2024**</strong></td> </tr> <tr> <th scope="row"><strong>Austria</strong></th> <td class="number">70,115</td> <td class="number">-3,414</td> <td class="number">64,563</td> <td class="number">7.30</td> <td class="number">7.17</td> <td class="number">8.74</td> </tr> <tr> <th scope="row"><strong>Belgium</strong></th> <td class="number">90,789</td> <td class="number">-2,837</td> <td class="number">83,748</td> <td class="number">6.70</td> <td class="number">6.49</td> <td class="number">10.76</td> </tr> <tr> <th scope="row"><strong>Cyprus</strong></th> <td class="number">4,295</td> <td class="number">0</td> <td class="number">3,990</td> <td class="number">7.95</td> <td class="number">7.68</td> <td class="number">8.35</td> </tr> <tr> <th scope="row"><strong>Germany</strong></th> <td class="number">599,601</td> <td class="number">-9,863</td> <td class="number">545,696</td> <td class="number">6.62</td> <td class="number">6.68</td> <td class="number">8.41</td> </tr> <tr> <th scope="row"><strong>Estonia</strong></th> <td class="number">605</td> <td class="number">0</td> <td class="number">605</td> <td class="number">6.95</td> <td class="number">6.12</td> <td class="number">7.01</td> </tr> <tr> <th scope="row"><strong>Spain</strong></th> <td class="number">297,226</td> <td class="number">-5,377</td> <td class="number">278,366</td> <td class="number">7.30</td> <td class="number">7.13</td> <td class="number">8.19</td> </tr> <tr> <th scope="row"><strong>Finland</strong></th> <td class="number">42,249</td> <td class="number">0</td> <td class="number">39,275</td> <td class="number">7.75</td> <td class="number">7.50</td> <td class="number">8.93</td> </tr> <tr> <th scope="row"><strong>France</strong></th> <td class="number">499,124</td> <td class="number">-355</td> <td class="number">471,767</td> <td class="number">6.33</td> <td class="number">5.95</td> <td class="number">8.61</td> </tr> <tr> <th scope="row"><strong>Ireland</strong></th> <td class="number">41,474</td> <td class="number">0</td> <td class="number">38,981</td> <td class="number">7.91</td> <td class="number">7.62</td> <td class="number">9.53</td> </tr> <tr> <th scope="row"><strong>Italy</strong></th> <td class="number">405,391</td> <td class="number">-4,105</td> <td class="number">369,847</td> <td class="number">7.00</td> <td class="number">7.01</td> <td class="number">7.95</td> </tr> <tr> <th scope="row"><strong>Lithuania</strong></th> <td class="number">5,792</td> <td class="number">0</td> <td class="number">5,301</td> <td class="number">9.10</td> <td class="number">9.53</td> <td class="number">8.99</td> </tr> <tr> <th scope="row"><strong>Luxembourg</strong></th> <td class="number">3,566</td> <td class="number">0</td> <td class="number">3,566</td> <td class="number">6.01</td> <td class="number">5.17</td> <td class="number">8.10</td> </tr> <tr> <th scope="row"><strong>Latvia</strong></th> <td class="number">3,810</td> <td class="number">0</td> <td class="number">3,452</td> <td class="number">8.06</td> <td class="number">8.09</td> <td class="number">7.56</td> </tr> <tr> <th scope="row"><strong>Malta</strong></th> <td class="number">1,428</td> <td class="number">-19</td> <td class="number">1,394</td> <td class="number">10.17</td> <td class="number">9.62</td> <td class="number">7.83</td> </tr> <tr> <th scope="row"><strong>Netherlands</strong></th> <td class="number">121,402</td> <td class="number">-88</td> <td class="number">114,838</td> <td class="number">7.32</td> <td class="number">7.36</td> <td class="number">9.88</td> </tr> <tr> <th scope="row"><strong>Portugal</strong></th> <td class="number">50,050</td> <td class="number">-410</td> <td class="number">49,598</td> <td class="number">7.38</td> <td class="number">6.94</td> <td class="number">8.70</td> </tr> <tr> <th scope="row"><strong>Slovenia</strong></th> <td class="number">11,049</td> <td class="number">-4</td> <td class="number">10,687</td> <td class="number">8.68</td> <td class="number">8.13</td> <td class="number">8.81</td> </tr> <tr> <th scope="row"><strong>Slovakia</strong></th> <td class="number">17,844</td> <td class="number">0</td> <td class="number">17,226</td> <td class="number">7.58</td> <td class="number">7.03</td> <td class="number">8.91</td> </tr> <tr> <th scope="row"><strong>Supranationals</strong></th> <td class="number">263,539</td> <td class="number">-4,499</td> <td class="number">244,290</td> <td class="number">8.13</td> <td class="number">8.15</td> <td class="number">9.91</td> </tr> <tr> <th scope="row"><strong>Total</strong></th> <td class="number">2,529,348</td> <td class="number">-30,973</td> <td class="number">2,347,190</td> <td class="number">7.01</td> <td class="number">6.90</td> <td class="number">8.68</td> </tr> </tbody> <tfoot> <tr> <td colspan="7">* Cumulative monthly net purchases figures represent the difference between the acquisition cost of all purchase operations and the redeemed nominal amounts. ** Remaining weighted average maturity (WAM) in years. Notes: Figures may not add up due to rounding. Figures are preliminary and may be subject to revision. The monthly purchase volumes are reported on a settlement basis and net of redemptions. The Eurosystem will continue to adhere to the principle of market neutrality via smooth and flexible implementation. To this end, the reinvestment of principal redemptions will be distributed over the year to allow for a regular and balanced market presence (see <a href="/press/pr/date/2018/html/ecb.pr181213.en.html">press release on technical parameters for the reinvestment</a>). When assessing the remaining WAM of Eurosystem holdings relative to a market measure, deviations could reflect, inter alia, the 1 to 30 year maturity range of purchases; the issue share limits taking into account holdings in other Eurosystem portfolios; as well as the availability and liquidity conditions in the market during the implementation period; and the impact of portfolio redemptions and their respective reinvestments. </td> </tr> </tfoot> </table> </div> </div> <div class="section"> <ul class="-link-icons">   <li><a href="/mopo/pdf/PSPP_weighted_average_maturity.xlsx">PSPP weighted average maturities by jurisdictions</a> <span class="lastUpdate"><span id="lastUpdateLabel">last update: </span>16 April 2021</span></li> <li> <a class="csv" href="/mopo/pdf/PSPP_breakdown_history.csv?d4bd0d6bda8f2c18991681c67f7679a7">History of cumulative purchase breakdowns under the PSPP</a> <span class="lastUpdate"><span id="lastUpdateLabel">last update: </span>5. november 2024</span> </li> </ul> <h2 id="abspp">Asset-backed securities purchase programme</h2> <p>Between 21 November 2014 and 19 December 2018 the Eurosystem conducted net purchases of asset-backed securities under the asset-backed securities purchase programme (ABSPP). From January to October 2019 the Eurosystem only reinvested the principal payments from maturing securities held in the ABSPP portfolio. Purchases of securities under the ABSPP were restarted on 1 November 2019 and continued until the end of June 2022. Between July 2022 and February 2023, the Eurosystem aimed to fully reinvest the principal payments from maturing securities. From March 2023 the Eurosystem only partially reinvested the principal payments from maturing asset-backed securities. As of July 2023 the Eurosystem discontinued all reinvestments of asset-backed securities.</p> <ul class="-link-icons"> <li><a class="external" href="https://eur-lex.europa.eu/legal-content/EN/TXT/?qid=1593530871732&uri=CELEX:32014D0045(01)">Decision ECB/2014/45 of 19 November 2014</a></li> <li><a href="https://eur-lex.europa.eu/search.html?qid=1598887522263&text=ECB/2015/31&scope=ECB_ACTS&type=quick&lang=en">Decision ECB/2015/31 of 10 September 2015 amending Decision ECB/2014/45</a></li> <li><a href="https://eur-lex.europa.eu/search.html?qid=1598887522263&text=ECB/2017/3&scope=ECB_ACTS&type=quick&lang=en">Decision ECB/2017/3 of 11 January 2017 amending Decision ECB/2014/45</a></li> <li><a href="https://eur-lex.europa.eu/search.html?qid=1598887522263&text=ECB/2017/15&scope=ECB_ACTS&type=quick&lang=en">Decision ECB/2017/15 of 18 May 2017 amending Decision ECB/2014/45</a></li> <li><a href="/press/pr/date/2014/html/pr141002_1_Annex_1.pdf">Technical annex 1 - details of the ABSPP</a></li> <li><a href="/mopo/implement/app/html/abs_guiding_principles.et.html" data-label="inglise keel">Guiding principles (with examples) of Eurosystem-preferred eligible ABSs</a></li> <li><a href="/mopo/implement/app/html/ecb.faq_abspp.en.html" data-label="inglise keel">FAQ on the asset-backed securities purchase programme</a></li> </ul> </div> <div class="table "> <div class="header"> <div class="title"> ABSPP holdings* </div> </div> <div class="wrapper"> <table> <tbody> <tr> <th>EUR mil.</th> <td class="number"> 7,548 </td> </tr> <tr> <th>Date</th> <td class="number"> 15 November 2024 </td> </tr> </tbody> <tfoot> <tr> <td colspan="2">* End of week, at amortised cost</td> </tr> </tfoot> </table> </div> </div>  <div class="section"> <ul class="-link-icons">  <li> <a class="csv" href="/mopo/pdf/ABSPP_breakdown_history.csv?e4f5cfab5ee3d7c996a4fb98631237fa">History of cumulative purchases breakdowns under the ABSPP</a> <span class="lastUpdate"><span id="lastUpdateLabel">last update: </span>3. september 2024</span> </li>   <li> <a class="xls" href="/mopo/pdf/ABSPP_breakdown_by_rating_country_collateral.xlsx?76f03159f392a35230d52ee2cc3ef776">Breakdown of ABSPP portfolio by rating, country of risk and collateral type (semi-annual)</a> <span class="lastUpdate"><span id="lastUpdateLabel">last update: </span>2. mai 2024</span> </li> </li> </ul> <h2 id="cbpp3">Covered bond purchase programme 3</h2> <p>Between 20 October 2014 and 19 December 2018 the Eurosystem conducted net purchases of covered bonds under a third covered bond purchase programme (CBPP3). From January to October 2019 the Eurosystem only reinvested the principal payments from maturing securities held in the CBPP3 portfolio. Purchases of securities under the CBPP3 were restarted on 1 November 2019 and continued until the end of June 2022. Between July 2022 and February 2023 the Eurosystem aimed to fully reinvest the principal payments from maturing securities. From March 2023 the Eurosystem only partially reinvested the principal payments from maturing CBPP3 securities. As of July 2023 the Eurosystem discontinued all CBPP3 reinvestments.</p> <ul class="-link-icons"> <li><a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?qid=1593531931043&uri=CELEX:32014D0040(01)">Decision ECB/2014/40 of 15 October 2014</a></li> <li><a href="https://eur-lex.europa.eu/search.html?qid=1598887522263&text=ECB/2017/2&scope=ECB_ACTS&type=quick&lang=en">Decision ECB/2017/2 of 11 January 2017 amending Decision ECB/2014/40</a></li> <li><a href="https://eur-lex.europa.eu/search.html?qid=1598887522263&text=ECB/2017/4&scope=ECB_ACTS&type=quick&lang=en">Decision ECB/2017/4 of 18 May 2017 amending Decision ECB/2014/40</a></li> <li><a href="/press/pr/date/2014/html/pr141002_1_Annex_2.pdf">Technical annex 2 – details of the CBPP3</a></li> <li><a href="/mopo/implement/app/html/ecb.faq_cbpp3.en.html" data-label="inglise keel">FAQ on covered bond purchases under the Eurosystem’s monetary policy purchase programmes</a> </li> </ul> <p class="ecb-small">Securities purchased under CBPP3 are made available for <a href="/mopo/implement/omt/lending/html/index.en.html">securities lending</a> by a number of Eurosystem central banks.</p> </div> <div class="table"> <div class="header"> <div class="title"> CBPP3 holdings* </div> </div> <div class="wrapper"> <table> <tbody> <tr> <th>EUR mil.</th> <td class="number"> 257,115 </td> </tr> <tr> <th>Date</th> <td class="number"> 15 November 2024 </td> </tr> </tbody> <tfoot> <tr> <td colspan="2">* End of week, at amortised cost</td> </tr> </tfoot> </table> </div> </div>  <div class="section"> <ul class="-link-icons">  <li> <a class="csv" href="/mopo/pdf/CBPP3_breakdown_history.csv?159127aab01a1eaa4cbdc42ff7158ab5">History of cumulative purchases breakdowns under the CBPP3</a> <span class="lastUpdate"><span id="lastUpdateLabel">last update: </span>3. september 2024</span> </li> <li> <a class="xls" href="/mopo/pdf/CBPP3_breakdown_by_rating_country.xlsx?3625274c0a280e0d7181ec356cb26cfa">Breakdown of CBPP3 portfolio by rating and country of risk (semi-annual)</a> <span class="lastUpdate"><span id="lastUpdateLabel">last update: </span>2. mai 2024</span> </li> </ul> <h2 id="terminated">Terminated programmes</h2> <h3>Securities Markets Programme</h3> <p>On 10 May 2010 the central banks of the Eurosystem started purchasing securities in the context of the Securities Markets Programme (SMP), with a view to addressing the severe tensions in certain market segments which had been hampering the monetary policy transmission mechanism. Following a Governing Council decision on 6 September 2012 to initiate outright monetary transactions, the SMP was terminated. The existing securities in the SMP portfolio will be held to maturity. For more information see the press release: <a href="/press/pr/date/2012/html/pr120906_1.en.html">Technical features of Outright Monetary Transactions</a>; as well as ECB decision of 14 May 2010 ECB/2010/5 and the press release of 10 May 2010: <a href="/press/pr/date/2010/html/pr100510.en.html" data-label="inglise keel">ECB decides on measures to address severe tensions in financial markets</a>. </p> <p>With a view to leaving liquidity conditions unaffected by the programme, the Eurosystem re-absorbed the liquidity provided through the SMP by means of weekly liquidity-absorbing operations until June 2014. On 5 June 2014 the ECB suspended the weekly fine-tuning operations sterilising the liquidity injected by the programme and the last operation was allotted on 10 June 2014.</p> </div> <div class="table "> <div class="header"> <div class="title"> SMP holdings* </div> </div> <div class="wrapper"> <table> <tbody> <tr> <th>EUR mil.</th> <td> 1,330 </td> </tr> <tr> <th>Date</th> <td class="number"> 15 November 2024 </td> </tr> </tbody> <tfoot> <tr> <td colspan="2">* at amortised cost</td> </tr> </tfoot> </table> </div> </div> <div class="table "> <div class="header"> <div class="title"> Total Eurosystem SMP holdings by issuer as at 31 December 2023</div> </div> <div class="wrapper"> <table> <thead> <tr> <th>Issuer country</th> <th class="number">Nominal amount (EUR billions)</th> <th class="number">Book value* (EUR billions)</th> <th class="number">Average remaining maturity (years)</th> </tr> </thead> <tbody> <tr> <th>Ireland</th> <td class="number">0.6</td> <td class="number">0.6</td> <td class="number">1.2</td> </tr> <tr> <th>Greece</th> <td class="number">1.8</td> <td class="number">1.8</td> <td class="number">1.1</td> </tr> <tr> <th>Total**</th> <td class="number"><strong>2.5</strong></td> <td class="number"><strong>2.4</strong></td> <td class="number"><strong>1.1</strong></td> </tr> </tbody> <tfoot> <tr> <td colspan="10">* SMP holdings are valued at amortised cost. ** Totals may not add up due to rounding.</td> </tr> </tfoot> </table> </div> </div> <div class="section"> <ul class="-link-icons"> <li> <a class="csv" href="/mopo/pdf/SMP_breakdown_history.csv?50f67ba808f4f2cf040912adf7ccaaa7">History of SMP holdings per issuer</a> <span class="lastUpdate"><span id="lastUpdateLabel">last update: </span>22. veebruar 2024</span> </li> </ul> </div> <div class="section"> <h3> Covered bond purchase programme</h3> <p>On 2 July 2009, the Eurosystem launched its first covered bond purchase programme (CBPP1). The programme ended, as planned, on 30 June 2010 when it reached a nominal amount of €60 billion. The Eurosystem held the assets bought under this programme until maturity.</p> <p>For further details, see ECB decision of 2 July 2009 ( ECB/2009/16 ) as well as the press releases <a href="/press/pr/date/2009/html/pr090604_1.en.html" data-label="inglise keel">Purchase programme for covered bonds</a> (4 June 2009) and <a href="/press/pr/date/2010/html/pr100630.en.html" data-label="inglise keel">Covered bond purchase programme completed</a> (30 June 2010). </p> <h3>Covered bond purchase programme 2</h3> </div> <div class="section"> <p>In November 2011 the Eurosystem launched a second covered bond purchase programme (CBPP2). The programme ended, as planned, on 31 October 2012 when it reached a nominal amount of €16.4 billion. The Eurosystem held the assets bought under this programme until maturity.</p> </div> <div class="section"> <p>For details, see <a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?qid=1598887097535&uri=CELEX:32011D0017(01)">ECB decision ECB/2011/17 of 3 November 2011 and the press release <a href="/press/pr/date/2011/html/pr111103_1.en.html" data-label="inglise keel">ECB announces details of its new covered bond purchase programme (CBPP2)</a> (3 November 2011). </p> <ul class="-link-icons"> <li><a href="/mopo/pdf/CBPP2_breakdown_history.csv">History of cumulative purchases breakdowns under the CBPP2</a> </li> </ul> </div> <div class="see-also-boxes -two-columns"> <h2>Find out more about related content</h2> <div class="container"> <div class="content-box"> <h3>EXPLAINERS</h3> <a href="/ecb-and-you/explainers/tell-me-more/html/asset-purchase.et.html">Tell me more: What is the expanded asset purchase programme?</a> </div> <div class="content-box"> <h3>PRESS RELEASES</h3> <a href="/press/pr/date/2015/html/pr150122_1.en.html">Press release announcing the expanded asset purchase programme (with annex on operational modalities)</a> </div> </div> </div> <div class="in-this-section" id="pages-in-section-holder"> <h3>Kõik selle jaotise teemad</h3> <div class="content-box"> </div> </div> </main> </div> <div id="feedback" class="hidden"> <div class="content-box"> <div class="initial"> <div class="title">Kas veebileht vastas teie ootustele?</div><a class="button -inverted-color" id="feedback-yes">Jah</a> <a class="button -inverted-color" id="feedback-no">Ei</a></div> <div class="second hidden"> <div class="title">Millised probleemid tekkisid?</div><a class="button -inverted-color" id="feedback-broken">Veebileht ei tööta</a> <a class="button -inverted-color" id="feedback-content">Veebilehe sisu ei ole kasulik</a> <a class="button -inverted-color" id="feedback-design">Kujundus ei ole piisavalt atraktiivne</a> <a class="button -inverted-color" id="feedback-other">Muu probleem</a></div> <div class="final hidden"> <div class="title">Täname tagasiside eest!</div> </div> </div> </div> <footer id="ecb-doc-footer"> <div class="ecb-footerTop"> <div class="sitemap"><a href="/home/sitedir/html/index.en.html" title="Veebilehe struktuur">Veebilehe struktuur</a></div> <div class="socialLinks"><a class="inline-link" href="/home/socialmedia/html/index.en.html" title="Ametlikud sotsiaalmeediakanalid">Jälgi meie sotsiaalmeediakanaleid</a> <a href="http://twitter.com/ecb" class="twitter" title="X"></a> <a href="https://www.linkedin.com/company/european-central-bank" class="linkedin" title="LinkedIn"></a> <a href="https://www.instagram.com/europeancentralbank/" class="instagram" title="Instagram"></a> <a href="https://www.youtube.com/user/ecbeuro" class="youtube" title="YouTube"></a> <a href="https://www.flickr.com/photos/europeancentralbank/sets/" class="flickr" title="Flickr"></a> <a href="https://soundcloud.com/europeancentralbank" class="soundcloud" title="SoundCloud"></a> <a href="/rss" class="rss" title="RSS-uudisvoog"></a></div> </div><div class="ecb-footerBottom"><p><span>Autoriõigus 2024, </span>Euroopa Keskpank</p> <div class="ecb-serviceNavigation"> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Kasulikud lingid</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/careers/vacancies/html/index.en.html">Töövõimalused</a></li> <li><a href="/services/glossary/html/index.en.html">Sõnastik</a></li> <li><a href="/services/links/html/index.en.html">Muud asutused ja organisatsioonid</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Veebilehe kasutamine</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/services/disclaimer/html/index.en.html">Piiratud vastutus ja autoriõigus</a></li> <li><a href="/services/data-protection/privacy-statements/website/html/index.en.html">Isikuandmete kaitse</a></li> <li><a href="/services/languagepolicy/html/index.en.html">Keelevalik</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Üldpõhimõtted</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/services/data-protection/html/index.en.html">Andmekaitse</a></li> <li><a href="/ecb/access_to_documents/html/index.en.html">Juurdepääs dokumentidele</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Kontaktandmed</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/services/contacts/html/index.en.html">Kontaktandmed</a></li> <li><a href="/services/contacts/address/html/index.en.html">Aadress</a></li> <li><a href="/services/contacts/working-hours/html/index.en.html">Tööaeg</a></li> </ul> </div> </div> </div> </div>  </footer> <style> [data-count]{ position: relative; } [data-count]::after{ position: absolute; right: -20px; bottom: 0px; display: block; content: attr(data-count); color: rgba(255, 255, 255, 0.8); text-shadow: 0 0 8px black; font-size: 11px; } body.hideCount [data-count]::after{ display: none; } </style> <script> (function(){ let addedCount = false; let addCount = function(){ let list = document.querySelectorAll("h2,h3,h4,p,a"); for(var i = 0; i < list.length; i++){ let item = list[i]; item.setAttribute("data-count",item.textContent.length); } } document.onkeypress = function(e){ if(e.ctrlKey && e.code == "KeyM"){ if(addedCount){ document.body.classList.add('hideCount'); addedCount = false; }else{ document.body.classList.remove('hideCount'); addCount(); addedCount = true; } } } })(); </script> <link rel="stylesheet" href="/shared/dist/css/print.min.css?2646225" media="print"> <div class="ecb-cookieConsent hidden" id="cookieConsent"> <div class="initial"> <h2>Meie veebilehel kasutatakse küpsiseid</h2> <p>Veebilehe täiustamiseks kasutatakse küpsiseid, mis võimaldavad koguda anonüümseid andmeid.<br> <a href="/home/data-protection/privacy-statements/website/html/index.et.html" class="arrow">Lähemalt küpsiste kasutamise kohta</a></p> <div class="consentButtons initial cf"><a class="check linkButton linkButtonLarge floatLeft highlight-medium">Olen tutvunud tingimustega ja nõustun küpsiste kasutamisega</a> <a class="cross linkButton linkButtonLarge floatRight highlight-extra-light">Ei nõustu küpsiste kasutamisega</a></div> </div> <div class="accepted hidden"> <div style="background-image:url(/shared/nav/svg/cookies_accepted.svg);width:100px;height:100px;margin:auto" class="img"></div> <h2>Täname!</h2> </div> <div class="refused hidden"> <div style="background-image:url(/shared/nav/svg/cookies_refused.svg);width:100px;height:100px;margin:auto" class="img"></div> <h2>Täname!</h2> </div> <div class="updated hidden"> <h2>Oleme ajakohastanud andmekaitse põhimõtteid.</h2> <p>Veebilehe täiustamiseks kasutatakse küpsiseid, mis võimaldavad koguda anonüümseid andmeid.<br> <a href="/home/data-protection/privacy-statements/website/html/index.et.html" class="arrow">Muudatused andmekaitse põhimõtetes</a></p> <div class="consentButtons updated cf"><a class="check linkButton linkButtonLarge floatLeft highlight-medium">Olen tutvunud tingimustega ja nõustun küpsiste kasutamisega</a> <a class="cross linkButton linkButtonLarge floatRight highlight-extra-light">Ei nõustu küpsiste kasutamisega</a></div> </div> <div class="expired hidden"> <h2>Küpsiste seadistus on aegunud.</h2> <p>Veebilehe täiustamiseks kasutatakse küpsiseid, mis võimaldavad koguda anonüümseid andmeid.<br> <a href="/home/data-protection/privacy-statements/website/html/index.et.html" class="arrow">Lähemalt küpsiste kasutamise kohta</a></p> <div class="consentButtons expired cf"><a class="check linkButton linkButtonLarge floatLeft highlight-medium">Olen tutvunud tingimustega ja nõustun küpsiste kasutamisega</a> <a class="cross linkButton linkButtonLarge floatRight highlight-extra-light">Ei nõustu küpsiste kasutamisega</a></div> </div> </div> <div class="cookieBlockedMessage template hidden"> <div class="cookieBlockedContentHolder"> <div class="mainCookieBlockedMessage">Jätkamiseks tuleb nõustuda küpsiste kasutamisega.</div><a href="/home/data-protection/privacy-statements/website/html/index.et.html" class="button">Andmekaitse põhimõtted</a></div> </div> <script src="/shared/js/analytics/pa_events.js?v=2605151" data-siteID="638441" data-collectDomain="https://qfknbhm.pa-cd.com"></script> <script src="/shared/dist/js/ieBlock.min.js" defer></script> </body> </html>