STRIPS are accounted for at the end of each month (see Question 2.4 in the Q&A). The amortisation emerges 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. No net purchases, only reinvestments of redemptions, as of July 2022Īmortisation adjustment are made at the end of each quarter.€20 billion of net purchases in June 2022.€30 billion of net purchases in May 2022.€40 billion of net purchases in April 2022.
The Eurosystem started to purchase securities under the asset purchase programmes of its APP in October 2014. third covered bond purchase programme (CBPP3).asset-backed securities purchase programme (ABSPP).public sector purchase programme (PSPP).corporate sector purchase programme (CSPP).The ECB’s asset purchase programme (APP) is part of a package of non-standard monetary policy measures that also includes targeted longer-term refinancing operations, and which was initiated in mid-2014 to support the monetary policy transmission mechanism and provide the amount of policy accommodation needed to ensure price stability. Looking for information on the pandemic emergency purchase programme (PEPP)?
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