Covered bond purchase program

from Wikipedia, the free encyclopedia

The program covered bond purchase , English Covered Bond Purchase Program (CBPP) , a program of buying mortgage bonds of the European Central Bank ECB. According to the ECB, Pfandbriefe totaling 60 billion euros were acquired for the duration of the program between July 2009 and June 2010 and will be held by the ECB until the end of the term.

A second program "CBPP2" was announced by the ECB in October 2011 with a purchase volume of 40 billion euros for the duration of the program between November 2011 and October 2012. By the end of the program on October 31, 2012, a total of 16, € 4 billion built up. The original target of € 40 billion was therefore not achieved.

In October 2014 the ECB started a third program "CBPP3". Up to August 2016, Pfandbriefe with a volume of 187 billion euros had been acquired under this program.

Goal of the program

The aim of the program is to counter the refinancing problems of the banks against the background of the financial crisis from 2007 and the euro crisis .

Individual evidence

  1. ↑ ECB press release of November 3, 2011: "ECB announces details of new covered bond purchase program (CBPP2)"
  2. ↑ Press release of the European Central Bank of June 30, 2010
  3. ^ ECB press release of October 6, 2011
  4. ↑ Tim Oliver Berg, Kai Carstensen: "Soon return to the old role required!", In: Wirtschaftsdienst , 92nd year (2012), no . 2, Zeit talk, pp. 79–81, doi : 10.1007 / s10273-012- 1332-0 .
  5. ↑ Asset purchase programs , ECB, accessed on August 27, 2016.
  6. ^ Deutsche Bundesbank , Monthly Report February 2012, p. 7