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APP Runoff Settling In At Near E25bln Pace

ECB

Net assets held by the ECB for monetary policy purposes fell by the least in 5 weeks last week at -E2.0bln, with E1.5bln of net PEPP purchases (E4.3bln in gross purchases, E2.9bln of redemptions) more than offset by E3.5bln of APP roll-off.

  • Net PSPP purchases were negative E2.3bln, a little less than the previous week's E4.4bln, with CSPP runoff accelerating to E1.2bln from E0.5bln prior.
  • That brings the four-week rolling sum of net APP runoff to E27.6bln. In the past month it's averaged E22.5bln, close to the estimated average rate of E25bln for the foreseeable future.
ECB Net Asset Purchases W/EPSPP Cov BdCSPPABSPEPPTOTAL
4-Aug-23-11.9-0.20.0-0.1-2.8-15.0
11-Aug-230.00.00.00.02.42.3
18-Aug-23-10.40.0-0.6-0.1-4.8-16.0
25-Aug-23-0.40.0-0.4-0.20.5-0.5
1-Sep-23-0.10.0-0.1-0.11.51.3
8-Sep-23-0.3-0.5-0.40.02.00.7
15-Sep-23-11.8-2.0-0.9-0.1-2.2-17.0
22-Sep-23-0.7-0.3-1.6-0.4-1.0-4.0
29-Sep-23-4.4-0.6-0.5-0.6-3.2-9.4
6-Oct-23-2.30.0-1.20.01.5-2.0

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