There was no deal on the European Central Bank's Governing to end reinvestments for the Asset Purchase Programme early in return for slowing the pace of rate hikes to 25bp, ECB President Christine Lagarde said Thursday.

"Was it a deal? no. The general view it was the right move, although some might have preferred to wait until the June meeting," to announce, Lagarde said. Ending APP reinvestments would still leave it taking 12 to 15 years to run the APP to zero, Lagarde added. (See MNI INTERVIEW: ECB Could End APP Reinvestments In Q3 - Kazaks)

According to the earlier statement, flexible reinvestments of maturing bonds in the PEPP programme would continue "until at least the end of 2024."

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com

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Les Commons

Les is MNI's senior editor and is also part of the Data Team in London.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com

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MNI BRIEF: No Rate/APP Reinvestment Deal To Slow Hike Pace-ECB