The European Tribune is a forum for thoughtful dialogue of European and international issues. You are invited to post comments and your own articles.
Please REGISTER to post.
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
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
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 fjallstrom - Feb 28 30 comments
by Frank Schnittger - Feb 26 118 comments
by talos - Feb 23 170 comments
by DoDo - Feb 22 6 comments
by Migeru - Feb 21 256 comments
by gmoke - Feb 24
by ATinNM - Feb 20 13 comments
by Migeru - Feb 13 88 comments
by fjallstrom - Feb 2830 comments
by Frank Schnittger - Feb 26118 comments
by gmoke - Feb 24
by talos - Feb 23170 comments
by DoDo - Feb 226 comments
by Migeru - Feb 21256 comments
by ATinNM - Feb 2013 comments
by Migeru - Feb 1388 comments
by DoDo - Feb 12261 comments
by Migeru - Feb 3266 comments