Sustainability Funding & New Products/Structures
Public
EUR issuance: ECB's QE programmes (PSPP and PEPP)
European
Investment Bank
Eurosystem purchases of EIB Euro bonds
In March 2015, under the Asset Purchase
Programme (APP), the ECB established the
Public Sector Purchase Programme
(PSPP)*, focused on the net purchases of
public sector securities - including
Supranationals such as the EIB. Net asset
purchases under the APP discontinued as of
July 2022.
Net asset purchases by programme under APP
EUR bn
90
70
BORONGO22 22275
-20
-30
-40
-50
Following the COVID-19 outbreak, the ECB set:
i) an additional APP envelope of EUR 120bn until end-
2020; and
ii) a temporary Pandemic Emergency Purchase
Programme (PEPP), foreseen to cover up to EUR
1,850bn of net purchases, which ended in March
2022
Cumulative net purchases by the Eurosystem of
debt issued by Supranationals: EUR 421.2bn (EUR
262.0bn under PSPP and EUR 159.2bn under
PEPP)**
Considering that the EIB represents around 32% of
the outstanding eligible supranational debt, the
Eurosystem may have bought around EUR
134.8bn of the EIB eligible debt
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
PSPP
CBPP3
CSPP
ABSPP
Average monthly APP target
*
**
Between January and October 2019, the ECB stopped its net purchases under PSPP and reinvested solely the principal payments from maturing securities held in the PSPP portfolio.
As of Jan 2024. Cumulative net purchases represent the difference between the acquisition cost of all purchase operations and the redeemed nominal amounts
European Investment Bank
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