Reinvestments in ECB’s expanded asset purchase programme
JulkaisusarjaBank of Finland. Bulletin
JulkaisijaBank of Finland
Julkaisun pysyvä osoite onhttps://urn.fi/URN:NBN:fi:bof-201805171565
Under the ongoing purchase programme, the Eurosystem's securities holdings had already grown by about EUR 2,300 billion by the end of 2017. The ECB Governing Council has announced that it will continue net asset purchases at a monthly pace of EUR 30 billion until September 2018, at the least. Gross purchases of securities consist of net purchases that increase the Eurosystem balance sheet and of reinvestments to replace maturing securities. Gross purchases will average about EUR 40 billion a month during the period January–September 2018, during which securities will mature by an average of about EUR 10 billion per month. The reinvestment of maturing holdings is gradually becoming an increasingly important part of an appropriate monetary policy stance.