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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
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