- Distribution of APP programme: There is.......>

ECB: - Distribution of APP programme: There is also some hope that there might

be a little more guidance on the breakdown between public sector and private

sector bond purchases

- Tiering: Comes into effect on Oct 30 in the next Maintenance Period.

Expectations range from little impact on ESTR (EONIA) to an increase of a few

basis points. If ESTR picks up would the ECB be happy with that or adjust the

multiplier? Again, we expect this question to be dodged with the ECB saying that

it reserves the right to alter the multiplier if market conditions warrant.

- Fiscal response: Draghi and other ECB members have continued to point out that

monetary policy cannot solve the Eurozone's issues on its own and that a fiscal

policy response is becoming increasingly necessary. He is expected to be asked

for more details on what he wants member states to do. (2/2)