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 DoDo - May 1 20 comments
by Frank Schnittger - Apr 30 3 comments
by gmoke - Apr 28 7 comments
by Bernard - Apr 24 27 comments
by Frank Schnittger - Apr 27 12 comments
by Frank Schnittger - Apr 27 25 comments
by Frank Schnittger - May 4
by DoDo - May 120 comments
by Frank Schnittger - Apr 303 comments
by gmoke - Apr 287 comments
by Frank Schnittger - Apr 2712 comments
by Frank Schnittger - Apr 2725 comments
by Bernard - Apr 2427 comments
by gmoke - Apr 11
by Bernard - Apr 65 comments