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markets</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/ecb/educational/explainers/tell-me/html/what-is-monetary-policy.en.html">What is monetary policy?</a></li> <li><a href="/mopo/strategy/strategy-review/html/index.en.html">Strategy review</a></li> <li><a href="/mopo/implement/app/html/index.en.html">Asset purchase programmes</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">Latest monetary policy press conference</div> <div class="image-date">30 January 2025</div> </a> </div></div><ul><li class="has-subpages"><a href="/mopo/intro/html/index.en.html">Introduction</a><a href="#" class="subpages" title="toggle subpages for Introduction"></a><ul><li class="clearfix"><a href="/mopo/intro/benefits/html/index.en.html">Benefits of price 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class="clearfix"><a href="/mopo/ela/html/index.en.html">Emergency liquidity assistance (ELA)</a></li><li class="clearfix"><a href="/mopo/liq/html/index.en.html">Liquidity analysis</a></li><li class="has-subpages"><a href="/mopo/coll/html/index.en.html">Collateral</a><a href="#" class="subpages" title="toggle subpages for Collateral"></a><ul><li class="has-subpages"><a href="/mopo/coll/standards/html/index.en.html">Eligibility criteria and assessment</a><a href="#" class="subpages" title="toggle subpages for Eligibility criteria and assessment"></a><ul><li class="clearfix"><a href="/mopo/coll/standards/marketable/html/index.en.html">Marketable assets</a></li><li class="clearfix"><a href="/mopo/coll/standards/nonmarketable/html/index.en.html">Non-marketable assets</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/assets/html/index.en.html">List of eligible marketable assets</a><a href="#" class="subpages" title="toggle subpages for List of eligible marketable assets"></a><ul><li class="clearfix"><a href="/mopo/coll/assets/guide/html/index.en.html">User guide</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/coll/html/index.en.html">Mobilising collateral</a><a href="#" class="subpages" title="toggle subpages for Mobilising collateral"></a><ul><li class="clearfix"><a href="/mopo/coll/coll/ccbm/html/index.en.html">CCBM</a></li><li class="clearfix"><a href="/mopo/coll/coll/eligiblesss/html/index.en.html">Eligible SSSs</a></li><li class="clearfix"><a href="/mopo/coll/coll/ssslinks/html/index.en.html">Eligible links</a></li><li class="clearfix"><a href="/mopo/coll/coll/triparty/html/index.en.html">Eligible triparty agents</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/risk/html/index.en.html">Risk mitigation</a><a href="#" class="subpages" title="toggle subpages for Risk mitigation"></a><ul><li class="clearfix"><a href="/mopo/coll/risk/ecaf/html/index.en.html">ECAF</a></li><li class="clearfix"><a href="/mopo/coll/risk/riskcontrol/html/index.en.html">Risk control</a></li><li class="clearfix"><a href="/mopo/coll/risk/liquidity/html/index.en.html">Haircut categories</a></li><li class="clearfix"><a href="/mopo/coll/risk/valuation/html/index.en.html">Valuation</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/loanlevel/html/index.en.html">Loan-level requirements</a><a href="#" class="subpages" title="toggle subpages for Loan-level requirements"></a><ul><li class="clearfix"><a href="/mopo/coll/loanlevel/transmission/html/index.en.html">Data templates</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/implementation/html/index.en.html">Eligibility requirements</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/faq/html/index.en.html">Frequently asked questions</a></li></ul></li><li class="clearfix"><a href="/mopo/coll/contacts/html/index.en.html">Contacts</a></li></ul></li><li class="has-subpages"><a href="/mopo/eaec/html/index.en.html">Structure of the euro area economy</a><a href="#" class="subpages" title="toggle subpages for Structure of the euro area economy"></a><ul><li class="clearfix"><a href="/mopo/eaec/ecopolicy/html/index.en.html">Economic policy</a></li><li class="clearfix"><a href="/mopo/eaec/fiscal/html/index.en.html">Fiscal policies</a></li><li class="clearfix"><a href="/mopo/eaec/trade/html/index.en.html">External trade</a></li><li class="clearfix"><a href="/mopo/eaec/eer/html/index.en.html">Effective exchange rates</a></li><li class="clearfix"><a href="/mopo/eaec/structure/html/index.en.html">Financial structure</a></li><li class="clearfix"><a href="/mopo/eaec/markets/html/index.en.html">Financial markets</a></li><li class="clearfix"><a href="/mopo/eaec/intermediaries/html/index.en.html">Financial intermediaries</a></li><li class="clearfix"><a href="/mopo/eaec/diversity/html/index.en.html">Economic diversity</a></li><li class="clearfix"><a href="/mopo/eaec/labour/html/index.en.html">Labour market</a></li></ul></li><li 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href="/paym/html/index.en.html">Payments & financial stability</a><a href="#" class="subpages" title="toggle subpages for Payments & financial stability"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Payments & financial stability</div> <p>Insights into our work on financial stability and payments and market infrastructures</p> <a href="/paym/html/index.en.html">Overview of payments and financial stability</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/euro/digital_euro/html/index.en.html">Digital euro</a></li> <li><a href="/press/intro/html/index.en.html">Payments news & events</a></li> <li><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">TARGET professional use documents and links</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">Latest Financial Stability Review</div> <div class="image-date">16 May 2024</div> </a> </div></div><ul><li class="clearfix"><span>Payments</span></li><li class="has-subpages"><a href="/paym/target/html/index.en.html">TARGET Services</a><a href="#" class="subpages" title="toggle subpages for TARGET Services"></a><ul><li class="clearfix"><a href="/paym/target/coco/html/index.en.html">Shared features</a></li><li class="has-subpages"><a href="/paym/target/t2/html/index.en.html">T2</a><a href="#" class="subpages" title="toggle subpages for T2"></a><ul><li class="clearfix"><a href="/paym/target/t2/facts/html/index.en.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2/governance/html/index.en.html">Governance</a></li></ul></li><li class="has-subpages"><a href="/paym/target/t2s/html/index.en.html">T2S</a><a href="#" class="subpages" title="toggle subpages for T2S"></a><ul><li class="clearfix"><a href="/paym/target/t2s/governance/html/index.en.html">Governance</a></li><li class="clearfix"><a href="/paym/target/t2s/facts/html/index.en.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2s/pricing/html/index.en.html">Pricing</a></li></ul></li><li class="has-subpages"><a href="/paym/target/tips/html/index.en.html">TIPS</a><a href="#" class="subpages" title="toggle subpages for TIPS"></a><ul><li class="clearfix"><a href="/paym/target/tips/crossborder/html/index.en.html">Cross-border payments</a></li><li class="clearfix"><a href="/paym/target/tips/governance/html/index.en.html">Governance</a></li><li class="clearfix"><a href="/paym/target/tips/facts/html/index.en.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/tips/onboarding/html/index.en.html">Onboarding</a></li></ul></li><li class="clearfix"><a href="/paym/target/ecms/html/index.en.html">ECMS</a></li><li class="has-subpages"><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">TARGET professional use documents & links</a><a href="#" class="subpages" title="toggle subpages for TARGET professional use documents & links"></a><ul><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/coco/html/index.en.html">Shared features documents & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2/html/index.en.html">T2 documents & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2s/html/index.en.html">T2S documents & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/tips/html/index.en.html">TIPS documents & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/ecms/html/index.en.html">ECMS documents & links</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/integration/html/index.en.html">Integration and innovation</a><a href="#" class="subpages" title="toggle subpages for Integration and innovation"></a><ul><li class="has-subpages"><a href="/paym/integration/distributed/html/index.en.html">Distributed ledger technologies</a><a href="#" class="subpages" title="toggle subpages for Distributed ledger technologies"></a><ul><li class="clearfix"><a href="/paym/integration/distributed/exploratory/html/index.en.html">Exploratory work</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/retail/html/index.en.html">Retail payments</a><a href="#" class="subpages" title="toggle subpages for Retail payments"></a><ul><li class="clearfix"><a href="/paym/integration/retail/retail_payments_strategy/html/index.en.html">Retail payments strategy</a></li><li class="clearfix"><a href="/paym/integration/retail/ecb/html/index.en.html">ECB as a catalyst</a></li><li class="clearfix"><a href="/paym/integration/retail/sepa/html/index.en.html">SEPA</a></li><li class="clearfix"><a href="/paym/integration/retail/instant_payments/html/index.en.html">Instant payments</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/collateral/html/index.en.html">Collateral management harmonisation</a><a href="#" class="subpages" title="toggle subpages for Collateral management harmonisation"></a><ul><li class="clearfix"><a href="/paym/integration/collateral/implementation/html/index.en.html">Implementation</a></li><li class="clearfix"><a href="/paym/integration/collateral/faq/html/index.en.html">FAQ</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/cyber-resilience/html/index.en.html">Cyber resilience</a><a href="#" class="subpages" title="toggle subpages for Cyber resilience"></a><ul><li class="clearfix"><a href="/paym/cyber-resilience/fmi/html/index.en.html">Financial market infrastructures</a></li><li class="clearfix"><a href="/paym/cyber-resilience/tiber-eu/html/index.en.html">TIBER-EU</a></li></ul></li><li class="has-subpages"><a href="/paym/pol/html/index.en.html">Oversight</a><a href="#" class="subpages" title="toggle subpages for Oversight"></a><ul><li class="clearfix"><a href="/paym/pol/systems/html/index.en.html">Payment systems</a></li><li class="clearfix"><a href="/paym/pol/target2-securities/html/index.en.html">TARGET2-Securities</a></li><li class="clearfix"><a href="/paym/pol/instr/html/index.en.html">Electronic payments</a></li><li class="clearfix"><a href="/paym/pol/clearing/html/index.en.html">Securities settlement systems and central counterparties</a></li><li class="clearfix"><a href="/paym/pol/critical/html/index.en.html">Critical service providers</a></li><li class="clearfix"><a href="/paym/pol/correspondent-and-custodian-banks/html/index.en.html">Correspondent and custodian banks</a></li><li class="clearfix"><a href="/paym/pol/forum/html/index.en.html">SecuRe Pay forum</a></li></ul></li><li class="has-subpages"><a href="/paym/erms/html/index.en.html">Reserve management services</a><a href="#" class="subpages" title="toggle subpages for Reserve management services"></a><ul><li class="clearfix"><a href="/paym/erms/aspects/html/index.en.html">Key aspects</a></li><li class="clearfix"><a href="/paym/erms/service/html/index.en.html">Range of services</a></li></ul></li><li class="has-subpages"><a href="/paym/cashprof/html/index.en.html">Cash professionals</a><a href="#" class="subpages" title="toggle subpages for Cash professionals"></a><ul><li class="has-subpages"><a href="/paym/cashprof/cashhand/html/index.en.html">Cash handling</a><a href="#" class="subpages" title="toggle subpages for Cash handling"></a><ul><li class="clearfix"><a href="/paym/cashprof/cashhand/devices/html/index.en.html">Authentication devices</a></li><li class="clearfix"><a href="/paym/cashprof/cashhand/recycling/html/index.en.html">Recirculation of banknotes</a></li></ul></li><li class="clearfix"><a href="/paym/cashprof/cdispec/html/index.en.html">Common detector interface specifications</a></li><li class="clearfix"><a href="/paym/cashprof/accreditation/html/index.en.html">Banknote manufacturer accreditation</a></li></ul></li><li class="has-subpages"><a href="/paym/groups/html/index.en.html">Payment contact groups</a><a href="#" class="subpages" title="toggle subpages for Payment contact groups"></a><ul><li class="clearfix"><a href="/paym/groups/ami/html/index.en.html">Advisory groups on market infrastructures</a></li><li class="clearfix"><a href="/paym/groups/euro-cyber-board/html/index.en.html">Euro Cyber Resilience Board</a></li><li class="clearfix"><a href="/paym/groups/erpb/html/index.en.html">Euro Retail Payments Board (ERPB)</a></li><li class="clearfix"><a href="/paym/groups/efip/html/index.en.html">European Forum for Innovation in Payments (EFIP)</a></li></ul></li><li class="clearfix"><span>Financial stability</span></li><li class="clearfix"><a href="/paym/financial-stability/html/index.en.html">Introduction to financial stability</a></li><li class="clearfix"><a href="/paym/macroprudential-measures/html/index.en.html">Macroprudential Measures</a></li><li class="clearfix"><a href="/paym/financial_stability_contact_groups/html/index.en.html">Financial stability contact groups</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/stats/html/index.en.html">Statistics</a><a href="#" class="subpages" title="toggle subpages for Statistics"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Statistics</div> <p>Access to all ECB statistics and background information</p> <a href="/stats/html/index.en.html">Overview of ECB statistics</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="https://data.ecb.europa.eu/main-figures">Main figures</a></li> <li><a href="https://data.ecb.europa.eu/">ECB Data Portal</a></li> <li><a href="/press/stats/html/index.en.html">Statistical releases</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">THE ECB BLOG - Improved data: how climate change impacts banks</div> <div class="image-date">18 April 2024</div> </a> </div></div><ul><li class="clearfix"><span>Frequently accessed</span></li><li class="clearfix"><a href="/stats/euro-exchange-rates/html/index.en.html">Euro exchange rates</a></li><li class="clearfix"><a href="/stats/key-ecb-interest-rates/html/index.en.html">Key ECB interest rates</a></li><li class="has-subpages"><a href="/stats/euro-short-term-rates/html/index.en.html">Euro short-term rate (€STR)</a><a href="#" class="subpages" title="toggle subpages for Euro short-term rate (€STR)"></a><ul><li class="has-subpages"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/html/index.en.html">Interest rate benchmarks</a><a href="#" class="subpages" title="toggle subpages for Interest rate benchmarks"></a><ul><li class="clearfix"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/WG_euro_risk-free_rates/html/index.en.html">Working group on euro risk-free rates</a></li></ul></li></ul></li><li class="clearfix"><a href="/stats/inflation/html/index.en.html">Inflation</a></li><li class="clearfix"><a href="/stats/euro-area-yield-curves/html/index.en.html">Euro area yield curves</a></li><li class="clearfix"><span>All statistics & background</span></li><li class="clearfix"><a href="/stats/all-key-statistics/html/index.en.html">All key statistics</a></li><li class="clearfix"><a href="/stats/accessing-our-data/html/index.en.html">All data services</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/html/index.en.html">Data reporting & standards</a><a href="#" class="subpages" title="toggle subpages for Data reporting & standards"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/governance_and_quality_framework/html/index.en.html">Governance and quality framework</a></li><li class="clearfix"><a href="/stats/ecb_statistics/co-operation_and_standards/html/index.en.html">Co-operation and standards</a></li><li class="clearfix"><a href="/stats/ecb_statistics/reporting/html/index.en.html">Banks’ data reporting</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/anacredit/html/index.en.html">AnaCredit</a><a href="#" class="subpages" title="toggle subpages for AnaCredit"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/anacredit/questions/html/index.en.html">AnaCredit Q&A</a></li></ul></li><li class="clearfix"><a href="/stats/ecb_statistics/consultations/html/index.en.html">Public consultations</a></li><li class="clearfix"><a href="/stats/ecb_statistics/dialogue/html/index.en.html">Banking industry dialogue on ESCB statistics and integrated reporting</a></li><li class="clearfix"><a href="/stats/ecb_statistics/sdmx/html/index.en.html">SDMX – statistical data exchange model</a></li><li class="clearfix"><a href="/stats/ecb_statistics/inexda/html/index.en.html">INEXDA - granular data network</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/euro/html/index.en.html">The euro</a><a href="#" class="subpages" title="toggle subpages for The euro"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">The euro</div> <p>All you need to know about our common currency</p> <a href="/euro/html/index.en.html">Overview of the euro</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/paym/cashprof/html/index.en.html">Cash professionals</a></li> <li><a href="/stats/policy_and_exchange_rates/banknotes+coins/html/index.en.html">Banknote and coins statistics</a></li> <li><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html">Euro exchange rates</a></li> </ul> </div> <a href="/stats/ecb_surveys/space/html/ecb.space2024~19d46f0f17.en.html" class="item image"> <img src="/euro/shared/img/cover.png" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">Study on the payment attitudes of consumers in the euro area (SPACE) – 2024</div> <div class="image-date">19 December 2024</div> </a></div></div><ul><li class="has-subpages"><a href="/euro/digital_euro/html/index.en.html">Digital euro</a><a href="#" class="subpages" title="toggle subpages for Digital euro"></a><ul><li class="has-subpages"><a href="/euro/digital_euro/features/html/index.en.html">What it is</a><a href="#" class="subpages" title="toggle subpages for What it is"></a><ul><li class="clearfix"><a href="/euro/digital_euro/features/privacy/html/index.en.html">Digital euro and privacy</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/how-it-works/html/index.en.html">How it works</a></li><li class="clearfix"><a href="/euro/digital_euro/why-we-need-it/html/index.en.html">Why we need it</a></li><li class="clearfix"><a href="/euro/digital_euro/progress/html/index.en.html">Timeline and progress</a></li><li class="has-subpages"><a href="/euro/digital_euro/timeline/html/index.en.html">In-depth information</a><a href="#" class="subpages" title="toggle subpages for In-depth information"></a><ul><li class="clearfix"><a href="/euro/digital_euro/timeline/stakeholder/html/index.en.html">Governance and stakeholder engagement</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/profuse/html/index.en.html">Technical documents and research</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/rulebook/html/index.en.html">Scheme rulebook</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/faqs/html/index.en.html">Frequently asked questions</a></li></ul></li><li class="clearfix"><span>Cash</span></li><li class="has-subpages"><a href="/euro/cash_strategy/html/index.en.html">The Eurosystem cash strategy</a><a href="#" class="subpages" title="toggle subpages for The Eurosystem cash strategy"></a><ul><li class="clearfix"><a href="/euro/cash_strategy/cash_role/html/index.en.html">The role of cash</a></li><li class="clearfix"><a href="/euro/cash_strategy/issuance/html/index.en.html">Issuance and circulation</a></li><li class="clearfix"><a href="/euro/cash_strategy/acceptance-cash/html/index.en.html">Access to and acceptance of cash</a></li><li class="clearfix"><a href="/euro/cash_strategy/faqs/html/index.en.html">Frequently asked questions</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/html/index.en.html">Banknotes</a><a href="#" class="subpages" title="toggle subpages for Banknotes"></a><ul><li class="has-subpages"><a href="/euro/banknotes/future_banknotes/html/index.en.html">Future banknotes</a><a href="#" class="subpages" title="toggle subpages for Future banknotes"></a><ul><li class="clearfix"><a href="/euro/banknotes/future_banknotes/redesign/html/index.en.html">Redesign process</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/current/html/index.en.html">Current banknotes</a><a href="#" class="subpages" title="toggle subpages for Current banknotes"></a><ul><li class="clearfix"><a href="/euro/banknotes/current/denominations/html/index.en.html">Denominations</a></li><li class="clearfix"><a href="/euro/banknotes/current/design/html/index.en.html">Design elements</a></li><li class="clearfix"><a href="/euro/banknotes/current/security/html/index.en.html">Security features</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/ac/html/index.en.html">Anti-counterfeiting</a></li><li class="clearfix"><a 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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.en.html#cspp">corporate sector purchase programme (CSPP)</a></li> <li><a href="/mopo/implement/app/html/index.en.html#pspp">public sector purchase programme (PSPP)</a></li> <li><a href="/mopo/implement/app/html/index.en.html#abspp">asset-backed securities purchase programme (ABSPP)</a> </li> <li><a href="/mopo/implement/app/html/index.en.html#cbpp3">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?poiu" 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 December 2024</th> <td class="number"><strong>7,047</strong></td> <td class="number"><strong>253,009</strong></td> <td class="number"><strong>288,377</strong></td> <td class="number"><strong>2,124,731</strong></td> <td class="number"><strong>2,673,164</strong></td> </tr> <tr> <th>Monthly net purchases</th> <td class="number"><strong>-1,218</strong></td> <td class="number"><strong>-4,335</strong></td> <td class="number"><strong>-3,326</strong></td> <td class="number"><strong>-13,814</strong></td> <td class="number"><strong>-22,694</strong></td> </tr> <tr> <th>Quarter-end amortisation adjustment and redemptions of coupon STRIPS</th> <td class="number"><strong>0</strong></td> <td class="number"><strong>0</strong></td> <td class="number"><strong>0</strong></td> <td class="number"><strong>0</strong></td> <td class="number"><strong>0</strong></td> </tr> <tr> <th>Holdings* in January 2025</th> <td class="number"><strong>5,829</strong></td> <td class="number"><strong>248,674</strong></td> <td class="number"><strong>285,050</strong></td> <td class="number"><strong>2,110,917</strong></td> <td class="number"><strong>2,650,470</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?6c9fbc0693275b36d9664d675be6ee16">History of cumulative purchase breakdowns under the APP</a> <span class="lastUpdate"><span id="lastUpdateLabel">last update: </span>04 February 2025</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 €2861 billion at the end of January 2025. The cumulative net purchases are illustrated below.</p> <img src="/mopo/pdf/ecb.APP_cumulative_net_purchases_by_programme.en.png?poiu" 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">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>05 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">Press release announcing the details of the corporate sector purchase programme</a></li> <li><a href="/press/economic-bulletin/html/eb201605.en.html#IDofBox2">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.en.html#IDofBox2">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.en.html#IDofArticle2">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">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">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">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">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"> 284,111 </td> </tr> <tr> <th>Date</th> <td class="number"> 7 February 2025 </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_20250207.csv?04fedf02ba1a5b23bd63197f98507111">List of corporate bond securities held under the CSPP/PEPP (end of week)</a> <span class="lastUpdate"><span id="lastUpdateLabel">last update: </span>11 February 2025</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>03 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>02 May 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.en.html">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">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"> 2,105,122 </td> </tr> <tr> <th>Date</th> <td class="number"> 7 February 2025 </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 2024*</strong></td> <td class="number"><strong>Monthly net purchases January 2025</strong></td> <td class="number"><strong>Cumulative net purchases as of January 2025*</strong></td> <td class="number"><strong>WAM of PSPP portfolio holdings end December 2024**</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-January 2025**</strong></td> </tr> <tr> <th scope="row"><strong>Austria</strong></th> <td class="number">64,331</td> <td class="number">0</td> <td class="number">64,331</td> <td class="number">7.03</td> <td class="number">6.95</td> <td class="number">8.57</td> </tr> <tr> <th scope="row"><strong>Belgium</strong></th> <td class="number">83,722</td> <td class="number">0</td> <td class="number">83,722</td> <td class="number">6.33</td> <td class="number">6.24</td> <td class="number">10.55</td> </tr> <tr> <th scope="row"><strong>Cyprus</strong></th> <td class="number">3,665</td> <td class="number">0</td> <td class="number">3,665</td> <td class="number">8.25</td> <td class="number">8.17</td> <td class="number">8.80</td> </tr> <tr> <th scope="row"><strong>Germany</strong></th> <td class="number">541,690</td> <td class="number">-4,498</td> <td class="number">537,193</td> <td class="number">6.57</td> <td class="number">6.54</td> <td class="number">8.23</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">5.95</td> <td class="number">5.86</td> <td class="number">6.76</td> </tr> <tr> <th scope="row"><strong>Spain</strong></th> <td class="number">274,164</td> <td class="number">-6,719</td> <td class="number">267,445</td> <td class="number">7.07</td> <td class="number">7.18</td> <td class="number">8.19</td> </tr> <tr> <th scope="row"><strong>Finland</strong></th> <td class="number">39,027</td> <td class="number">0</td> <td class="number">39,027</td> <td class="number">7.39</td> <td class="number">7.30</td> <td class="number">8.85</td> </tr> <tr> <th scope="row"><strong>France</strong></th> <td class="number">457,953</td> <td class="number">-252</td> <td class="number">457,701</td> <td class="number">5.99</td> <td class="number">5.91</td> <td class="number">8.63</td> </tr> <tr> <th scope="row"><strong>Ireland</strong></th> <td class="number">38,981</td> <td class="number">0</td> <td class="number">38,981</td> <td class="number">7.45</td> <td class="number">7.37</td> <td class="number">9.76</td> </tr> <tr> <th scope="row"><strong>Italy</strong></th> <td class="number">357,786</td> <td class="number">-2,221</td> <td class="number">355,565</td> <td class="number">7.11</td> <td class="number">7.07</td> <td class="number">7.95</td> </tr> <tr> <th scope="row"><strong>Lithuania</strong></th> <td class="number">5,215</td> <td class="number">0</td> <td class="number">5,215</td> <td class="number">9.53</td> <td class="number">9.44</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">5.00</td> <td class="number">4.92</td> <td class="number">7.84</td> </tr> <tr> <th scope="row"><strong>Latvia</strong></th> <td class="number">3,452</td> <td class="number">-25</td> <td class="number">3,426</td> <td class="number">7.93</td> <td class="number">7.90</td> <td class="number">7.30</td> </tr> <tr> <th scope="row"><strong>Malta</strong></th> <td class="number">1,388</td> <td class="number">0</td> <td class="number">1,388</td> <td class="number">9.50</td> <td class="number">9.42</td> <td class="number">7.76</td> </tr> <tr> <th scope="row"><strong>Netherlands</strong></th> <td class="number">114,654</td> <td class="number">-98</td> <td class="number">114,556</td> <td class="number">7.21</td> <td class="number">7.13</td> <td class="number">9.90</td> </tr> <tr> <th scope="row"><strong>Portugal</strong></th> <td class="number">49,546</td> <td class="number">0</td> <td class="number">49,546</td> <td class="number">6.78</td> <td class="number">6.69</td> <td class="number">8.54</td> </tr> <tr> <th scope="row"><strong>Slovenia</strong></th> <td class="number">10,687</td> <td class="number">0</td> <td class="number">10,687</td> <td class="number">7.96</td> <td class="number">7.88</td> <td class="number">9.20</td> </tr> <tr> <th scope="row"><strong>Slovakia</strong></th> <td class="number">16,251</td> <td class="number">0</td> <td class="number">16,251</td> <td class="number">7.34</td> <td class="number">7.26</td> <td class="number">8.62</td> </tr> <tr> <th scope="row"><strong>Supranationals</strong></th> <td class="number">242,594</td> <td class="number">0</td> <td class="number">242,594</td> <td class="number">8.05</td> <td class="number">7.96</td> <td class="number">9.89</td> </tr> <tr> <th scope="row"><strong>Total</strong></th> <td class="number">2,309,278</td> <td class="number">-13,814</td> <td class="number">2,295,465</td> <td class="number">6.86</td> <td class="number">6.82</td> <td class="number">8.63</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?f6baa0784cc699f84e18830d86afbd70">History of cumulative purchase breakdowns under the PSPP</a> <span class="lastUpdate"><span id="lastUpdateLabel">last update: </span>04 February 2025</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.en.html">Guiding principles (with examples) of Eurosystem-preferred eligible ABSs</a></li> <li><a href="/mopo/implement/app/html/ecb.faq_abspp.en.html">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"> 5,816 </td> </tr> <tr> <th>Date</th> <td class="number"> 7 February 2025 </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>03 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>02 May 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">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"> 246,018 </td> </tr> <tr> <th>Date</th> <td class="number"> 7 February 2025 </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>03 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>02 May 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">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> 1,336 </td> </tr> <tr> <th>Date</th> <td class="number"> 7 February 2025 </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 February 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">Purchase programme for covered bonds</a> (4 June 2009) and <a href="/press/pr/date/2010/html/pr100630.en.html">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">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.en.html">Tell me more: What is the expanded asset purchase programme?</a> </div> <div class="content-box"> <h3>PRESS RELEASES</h3> <a 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