MNI: ECB Gives Additional Data On Asset Purchase Programme

     LONDON (MNI) - Below is the text released by the European Central Bank

Governing Council following President Mario Draghi's press conference.

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Additional information on asset purchase programme

     ECB provides additional data on redemptions as well as information about

reinvestments and role of private sector purchase programmes Additional

information supports continued smooth implementation of asset purchases The

Governing Council of the European Central Bank (ECB) has decided to publish from

now on, with a monthly frequency, the expected monthly redemption amounts for

the asset purchase programme (APP) over a rolling 12-month horizon. It has also

decided to provide additional details on the implementation of the programme.

This reflects the ECB's commitment to increase transparency further.

     The redemption dataset will include the estimated cumulative monthly

redemptions for each of the four individual components of the APP, i.e. the

asset-backed securities purchase programme (ABSPP), the third covered bond

purchase programme (CBPP3), the public sector purchase programme (PSPP) and the

corporate sector purchase programme (CSPP), for a rolling 12-month period. These

will be accompanied by the historical redemption figures since the start of the

APP. The first monthly release will be published on 6 November 2017. The

decision to start publishing these data reflects their increasing relevance,

given the higher redemption amounts that will be seen in 2018.

     Principal redemptions on securities purchased under the PSPP are reinvested

by the Eurosystem in a flexible and timely manner in the month they fall due, on

a best effort basis, or in the subsequent two months, if warranted by market

liquidity conditions. The published monthly net purchase volumes per

jurisdiction may therefore fluctuate owing to the timing of these reinvestments.

     During the period of net asset purchases, PSPP principal redemptions will

be reinvested in the jurisdiction in which the maturing bond was issued.

     The Eurosystem anticipates that the purchase volumes under the three

private sector purchase programmes (the ABSPP, the CBPP3 and the CSPP) will

remain sizeable.

--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com

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