Economy

Demeter

(85,373 posts)

24. ECB will start buying ABS, covered bonds in October

Mon Sep 8, 2014, 05:48 AM

Sep 2014

http://uk.reuters.com/article/2014/09/04/uk-ecb-rates-abs-idUKKBN0GZ12E20140904

The European Central Bank will start buying securitised loans and covered bonds next month to help unblock lending in the euro zone, ECB President Mario Draghi said on Thursday.

"The Governing Council decided to start purchasing non-financial private sector assets," Draghi told his monthly news conference after the ECB unexpectedly cut interest rates to new record lows.

He said the bank would buy broad portfolios of simple and transparent asset-backed securities and of euro-denominated covered bonds from October, with full details of the new programmes to be given after the ECB's next meeting on Oct. 2.

Taken together with the ECB's new long-term loans to banks, to be offered for the first time later this month "the newly-decided measures ... will have a sizeable impact on our balance sheet", Draghi said.

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