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Securities Holdings Decline On Quarter-End Adjustments

ECB

ECB net purchases of securities held for monetary policy purposes fell to -E7.0bln last week, from -E0.1bln prior.

  • This was led by a E3.3bln in net PEPP portfolio purchases - though this change was driven almost entirely by end-quarter revaluation adjustments.
  • Indeed there were virtually no redemptions (just E0.2bln on the week in total) and no purchases (reinvestments are suspended during the holiday period due to liquidity purposes). PSPP end-quarter revaluation totalled E3.3bln.
  • With the APP running off uncapped at roughly E25bln a month, attention turns to PEPP in 2024: the ECB plans to run off E7.5bln in 2H 2024 before moving to full runoff in 2025 and beyond. That means roughly E50bln in 2H and E180bln annually beyond that (at the 2023 pace) - still only a small dent in the E1.7trn portfolio.


ECB Net Asset Purchases W/EPSPP Cov BdCSPPABSPEPPTOTAL
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
27-Oct-23-16.7-1.7-0.5-0.20.3-18.9
3-Nov-23-8.2-0.1-0.4-0.4-1.0-10.0
10-Nov-23-3.80.0-0.50.01.4-2.9
17-Nov-23-2.70.0-0.4-0.12.4-0.8
24-Nov-23-2.7-0.7-0.7-0.2-0.9-5.2
1-Dec-23-2.9-0.9-0.7-0.2-1.7-6.3
8-Dec-23-0.60.0-0.50.02.11.1
15-Dec-23-4.8-0.1-0.5-0.1-3.6-9.1
22-Dec-23-1.40.0-0.4-0.32.0-0.1
29-Dec-23-3.2-0.1-0.2-0.2-3.3-7.0
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