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Quoting from ECB's annual accounts (pdf, page 15):
The ECB's holdings of securities purchased under both programmes at the end of 2010 were
as follows:
                                  2010 €            2009 €               Change €
Covered bond purchase programme   4,823,413,246     2,181,842,083     2,641,571,163
Securities Markets Programme      13,102,563,262           0           13,102,563,262
Total                            17,925,976,508    2,181,842,083    15,744,134,425

and comparing with their current position

which is probably an apples-to-oranges comparison (holdings/outstanding amount?)

So I got the wrong end of the stick, there has not been a massive buy-up of bonds by the ECB in 2011. They have either decided that the markets are correctly pricing the bonds (in contradiction with their "mark-to-book" policy), or have renounced market intervention (recognition that they are powerless?)

In any case, if the ECB holds €50B of Greek bonds, they were mostly bought in 2010, and that comes out to more than a third of the total of SMP holdings (75B) and CBP (60B), no?

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II

by eurogreen on Thu Jun 16th, 2011 at 04:59:28 AM EST
[ Parent ]
These must be direct purchases by the ECB directly.

The rest of the Securities Market Programme balance of 70 billion must be purchases by the National Central Banks.

The Eurosystem is a complicated monster.

Economics is politics by other means

by Migeru (migeru at eurotrib dot com) on Thu Jun 16th, 2011 at 05:01:43 AM EST
[ Parent ]


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