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Bond-buying under the European Central Bank’s pandemic emergency purchase programme (PEPP) will be conducted at a lower pace in Q1 2022 than in Q4 2021, before net new purchases are discontinued at the end of March, it was announced Thursday. PEPP reinvestments will continue beyond the previously-envisaged horizon, until at least the end of 2024, and Greek bonds could be bought over and above rollovers of redemptions in order to avoid market fragmentation, the ECB said in a statement.

Net purchases under PEPP could be resumed if needed, it added, in line with expectations laid out in MNI's latest State of Play.

Net purchases under APP will be conducted at a pace of EUR40 billion in Q2 and EUR30 billion in Q3. From October 2022 onwards, they will continue at a monthly pace of EUR20 billion. Special conditions applicable under TLTRO III will end in June. The Governing Council also committed to review the appropriate calibration of its tiering system for reserve remuneration.

The ECB kept its key interest rates remain unchanged.

MNI Frankfurt Bureau | +49-69-720-146 |
MNI Frankfurt Bureau | +49-69-720-146 |

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