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Net Assets Continue Slow Decline On APP Runoff

ECB

ECB net asset purchases in the monetary policy securities portfolios were negative E15.0bln in the week to Aug 4, the third consecutive drawdown.

  • The fall was led for the 3rd consecutive week by a decline in the PSPP column (negative E11.9bln), with PEPP also falling by E2.8bln (E5.8bln in redemptions offset by E3.0bln in purchases).
  • The total APP drop of E12.2bln makes a cumulative E37bln since the beginning of July when uncapped runoff began - with E25bln for July as a whole, right in line with the expected pace of runoff.
  • The total portfolio is now $141B below last year's peak, but is still at E4.82T (vs E4.96T peak)
  • ECB Pres Lagarde said at last month's press conference that the Governing Council "the balance sheet of the ECB is reducing ... we have not discussed any further reduction at this point".


ECB Net Asset Purchases W/EPSPP Cov BdCSPPABSPEPPTOTAL
2-Jun-232.1-0.3-0.6-0.10.61.8
9-Jun-23-0.2-1.2-0.80.11.1-0.9
16-Jun-23-8.1-0.6-0.5-0.1-3.1-12.4
23-Jun-23-1.70.10.1-0.30.3-1.6
30-Jun-23-3.2-0.8-0.6-0.1-2.7-7.3
7-Jul-23-0.50.0-0.60.02.41.3
14-Jul-23-1.1-0.4-1.70.03.70.4
21-Jul-23-13.90.0-0.4-0.3-4.1-18.8
28-Jul-23-4.6-0.5-0.5-0.11.3-4.4
4-Aug-23-11.9-0.20.0-0.1-2.8-15.0
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