The impact of the Eurosystem's covered bond purchase programme on the primary and secondary markets

Bericht

This paper provides an assessment of the impact of the covered bond purchase programme (hereafter referred to as the CBPP) relative to its policy objectives. The analysis presented on the impact of the CBPP on both the primary and secondary bond markets indicates that the Programme has been an effective policy instrument. It has contributed to: (i) a decline in money market term rates, (ii) an easing of funding conditions for credit institutions and enterprises, (iii) encouraging credit institutions to maintain and expand their lending to clients, and (iv) improving market liquidity in important segments of the private debt securities market. The paper also provides an overview of the investment strategy of the the Eurosystem with regard to the CBPP portfolio.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: ECB Occasional Paper ; No. 122

Classification and Topics

• Classification: Wirtschaft ; Investment; Capital; Intangible Capital; Capacity ; Microelectronics; Computers; Communications Equipment ; Information and Internet Services; Computer Software ; Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
• Subject: covered bonds ; liquidity ; primary market ; secondary market ; Pfandbrief ; Offenmarktpolitik ; Euromarkt ; EU-Staaten

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Beirne, John ; Dalitz, Lars ; Ejsing, Jacob ; Grothe, Magdalena ; Manganelli, Simone ; Monar, Fernando ; Sahel, Benjamin ; Sušec, Matjaž ; Tapking, Jens ; Vong, Tana
• Event: Veröffentlichung
• (who): European Central Bank (ECB)
• (where): Frankfurt a. M.
• (when): 2011

Further information

• Handle: http://hdl.handle.net/10419/154575
• Last update: 10.03.2025, 11:43 AM CET