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Pandemic emergency purchase programme (PEPP)

The ECB’s pandemic emergency purchase programme (PEPP) is a non-standard monetary policy measure initiated in March 2020 to counter the serious risks to the monetary policy transmission mechanism and the outlook for the euro area posed by the coronavirus (COVID-19) outbreak.

The PEPP is a temporary asset purchase programme of private and public sector securities. The Governing Council decided to increase the initial €750 billion envelope for the PEPP by €600 billion on 4 June 2020 and by €500 billion on 10 December, for a new total of €1,850 billion. All asset categories eligible under the existing asset purchase programme (APP) are also eligible under the PEPP, as well as a waiver of the eligibility requirements has been granted for securities issued by the Greek Government.

In addition, the eligibility of non-financial commercial paper under the corporate sector purchase programme (CSPP) was expanded to include securities with a remaining maturity of at least 28 days. These securities can be purchased under both the CSPP and the PEPP. Previously, only commercial paper with a remaining maturity of at least six months had been eligible for purchase under the CSPP. The residual maturity of public sector securities eligible for purchase under the PEPP ranges from 70 days up to a maximum of 30 years and 364 days.

For the purchases of public sector securities under the PEPP, the benchmark allocation across jurisdictions will be the Eurosystem capital key of the national central banks. At the same time, purchases will be conducted in a flexible manner on the basis of market conditions and with a view to preventing a tightening of financing conditions that is inconsistent with countering the downward impact of the pandemic on the projected path of inflation. The flexibility of purchases over time, across asset classes and among jurisdictions will continue to support the smooth transmission of monetary policy.

The Governing Council will terminate net asset purchases under the PEPP once it judges that the COVID-19 crisis phase is over, but in any case not before the end of March 2022. The maturing principal payments from securities purchased under the PEPP will be reinvested until at least the end of 2023. In any case, the future roll-off of the PEPP portfolio will be managed to avoid interference with the appropriate monetary stance.

Weekly changes are reported below and in the Eurosystem weekly financial statement. Full historical data are available in the Statistics section under Data on daily liquidity conditions.

Securities purchased under the monetary policy portfolios are made available for securities lending to support market liquidity and collateral availability in the market.

PEPP holdings*
EUR millions 976,585
Date 16 April 2021
* Updated weekly, at amortised cost
Monthly and cumulative net purchases of debt securities under the PEPP
Book value as at end-March 2021 (EUR millions) Cumulative net purchases as at end- February 2021 (EUR millions) Monthly net purchases in March 2021 (EUR millions) Cumulative net purchases*
PEPP 870,126 73,521 943,647
* Cumulative monthly net purchases figures represent the difference between the acquisition cost of all purchase operations and the redeemed nominal amounts.
Note: Figures may not add up due to rounding. Figures are preliminary and may be subject to revision. The monthly purchase volumes are reported on a settlement basis and net of redemptions.

The table presents the Eurosystem holdings at the end of the bimonthly period and a breakdown of the change in Eurosystem holdings.

Eurosystem holdings under the pandemic emergency purchase programme
Changes in holdings in EUR millions Asset-backed securities Covered bonds Corporate bonds Commercial paper Public sector securities Total
Holdings* as at end-January 2021 0 3,120 22,315 16,611 764,710 806,756
Net purchases Feb - March 0 939 4,763 -3,850 131,583 133,435
Quarter-end amortisation adjustment and redemptions of coupon STRIPS 0 -4 -19 5 -2,450 -2,469
Holdings as at end-March 2021* 0 4,055 27,058 12,766 893,844 937,723

*End-of-period book value at amortised cost.

Figures may not add up due to rounding. Figures are preliminary and may be subject to revision.

Amortisation adjustments are made at the end of each quarter. The amortisation results from an accounting principle that implies that securities purchased at prices below face value have to be revalued upwards over time towards maturity, and revalued downwards over time if purchased at prices above face value. STRIPS are accounted for at the end of each month.

Bimonthly breakdown of public sector securities under the PEPP
(EUR millions) Net purchases February 21 -March 21 Cumulative net purchases as at end-March 21* Current WAM of public sector securities holdings under the PEPP** WAM of eligible universe of public sector securities under the PEPP as at end-March 2021**
Austria 3,533 24,225 9.72 6.99
Belgium 4,394 30,478 6.70 9.27
Cyprus 187 1,899 10.10 8.42
Germany 31,769 220,519 5.56 6.68
Estonia 44 255 8.83 7.47
Spain 14,381 104,227 8.40 7.47
Finland 2,244 15,347 7.16 7.10
France 24,637 158,231 8.39 7.46
Greece 2,986 21,936 8.77 10.10
Ireland 2,040 14,162 8.98 9.39
Italy 20,509 156,819 6.83 6.99
Lithuania 181 2,365 11.51 10.18
Luxembourg 70 1,371 6.58 6.74
Latvia 217 1,105 9.65 9.90
Malta 24 290 7.68 8.09
Netherlands 7,067 49,023 5.09 7.87
Portugal 2,822 20,126 6.69 6.77
Slovenia 580 4,224 9.59 9.52
Slovakia 511 5,892 8.84 8.29
Supranationals 13,387 67,236 10.30 8.21
Total 131,583 899,731 7.33 7.38

* Cumulative net purchase figures represent the difference between the acquisition cost of all purchase operations and the redeemed nominal amounts.

** Remaining weighted average maturity (WAM) in years.

Notes: Figures may not add up due to rounding. Figures are preliminary and may be subject to revision. The purchase volumes are reported on a settlement basis and net of redemptions.

Bimonthly breakdown of private sector securities under the PEPP
Asset class Asset-backed securities Covered bonds Corporate bonds Commercial paper
Market Primary Secondary Primary Secondary Primary Secondary Primary Secondary
EUR mil. * 0 0 745 3,310 10,333 16,725 11,716 1,050
Share * 0.00% 0.00% 18.37% 81.63% 38.19% 61.81% 91.78% 8.22%
Date 31-Mar-2021
* End of month, at amortised cost

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