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Rolloff Picks Up As ECB Set To Assess Balance Sheet Strategy

ECB

The ECB's portfolio of assets held for monetary policy purposes shrank at the fastest weekly rate yet, by E18.9bln last week, vs E4.9bln the week prior.

  • This was due to sharply negative net asset purchases of E13.4bln in PEPP, with covered bond holdings dropping E2.32bln and PEPP falling E2.4bln (the latter on E5.6bln in gross purchases offset by E8.0bln in redemptions).
  • The 4-week rolling change in APP is E32.5bln, the most in a (rolling) month since early Aug (and a little above the E25bln monthly estimated average in uncapped runoff).
  • Overall the portfolio is down E200bln from the peak, but still sits at above E4.75T.
  • As our preview of this week's ECB decision points out, there is almost certainly not going to be an announcement on PEPP or reserve remuneration, but potentially acknowledgement that balance sheet policy discussions are taking place.


ECB Net Asset Purchases W/EPSPP Cov BdCSPPABSPEPPTOTAL
4-Aug-23-11.9-0.20.0-0.1-2.8-15.0
11-Aug-230.00.00.00.02.42.3
18-Aug-23-10.40.0-0.6-0.1-4.8-16.0
25-Aug-23-0.40.0-0.4-0.20.5-0.5
1-Sep-23-0.10.0-0.1-0.11.51.3
8-Sep-23-0.3-0.5-0.40.02.00.7
15-Sep-23-11.8-2.0-0.9-0.1-2.2-17.0
22-Sep-23-0.7-0.3-1.6-0.4-1.0-4.0
29-Sep-23-4.4-0.6-0.5-0.6-3.2-9.4
6-Oct-23-2.30.0-1.20.01.5-2.0
13-Oct-23-5.1-0.3-0.7-0.11.4-4.9
20-Oct-23-13.4-2.3-0.6-0.2-2.4-18.9
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