Q: One concern about the programme is the.......>

ECB: Q: One concern about the programme is the capital key. How will the

purchases converge towards the capital key? Could it be done through the

reinvestments? We don't know much about those...

A: Our only decision on this issue is what was published in the press release

following the June Governing Council meeting. Maturing securities purchased

under the PEPP will be reinvested until at least the end of 2022 and the

decision to stop reinvestments will depend on the situation that we find

ourselves in at that time. The end of the reinvestments should not interfere

with our monetary policy stance. Our purchases of public debt securities under

the PEPP are guided by the capital key and we are currently using the

flexibility of the programme to deviate from it, if necessary. The question that

we will have to answer in due course is how, and to what extent, we will later

converge back towards the capital key. It seems clear that the reinvestment

phase can play a role here, but we haven't decided on this yet.