Asset purchase programmes

The expanded asset purchase programme (APP) adds the purchase programme for public sector securities to the existing private sector asset purchase programmes to address the risks of a too prolonged period of low inflation.

The various purchase programmes

  • third covered bond purchase programme (CBPP3)
  • asset-backed securities purchase programme (ABSPP)
  • public sector purchase programme (PSPP)
  • corporate sector purchase programma (CSPP)

Net purchases under the asset purchase programme (APP) will be terminated in December 2018.

At the same time, the Governing Council will give more detailed “forward guidance” on reinvestments.

In regard to reinvestments, the Governing Council intends to continue reinvesting the whole of the amounts redeemed on maturing securities purchased under the APP. It will continue to do so until well after the Governing Council begins raising the ECB’s key interest rates, and in any case for so long as is necessary to maintain the favourable liquidity conditions and a considerable degree of monetary accommodation.

From April 2016 to March 2017 the average monthly purchases came to € 80 billion, while from March 2017 to the end of December 2017 purchases totalled € 60 billion per month. From January to December 2018, the monthly purchases averaged € 30 billion.

For more information on the Eurosystem’s asset purchase programmes, visit the ECB’s website: Asset purchase programmes.

Securities lending

As announced during the Governing Council meeting on 5 March 2015 and on June 1st 2016, the holdings purchased under the public sector purchase programme (PSPP) and corporate sector purchase programma (CSPP) will be made available for securities lending in a decentralised manner in order to support bond and repo market liquidity. For more information regarding the general Eurosystem lending framework, please go to: ‘Securities lending of holdings under the expanded asset purchase programme (APP)’.

Securities lending under PSPP

The National Bank of Belgium will lend the securities purchased under PSPP (see attached list of ISINs available) via bilateral repos or bilateral repos combined with bilateral reverse repos with counterparties that have a contract with NBB for repos in euro.

More information regarding specific details can be found under:

Securities lending under CSPP

Also under CSPP, the National Bank of Belgium will provide the possibility to lend securities via bilateral repos combined with bilateral reverse repos with counterparties that have a contract with NBB for repos. Next to bilateral lending, NBB decided to participate in the Automatic Securities Lending and Borrowing Programme of Euroclear Bank SA/NV.

More information regarding specific details can be found under:



Market participants can contact NBB’s Front Office desk via e-mail at or by phone on +32 2 221 4971.