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)

On 14 June 2018 the Governing Council of the ECB decided to continue to make net purchases under the asset purchase programme (APP) at the current monthly pace of € 30 billion until the end of September 2018.

The Governing Council anticipates that, after September 2018, subject to incoming data confirming the Governing Council’s medium-term inflation outlook, the monthly pace of the net asset purchases will be reduced to € 15 billion until the end of December 2018 and that net purchases will then end.

From March 2015 up to March 2016 monthly net purchases amounted to € 60 billion. From April 2016 until March 2017 the average monthly purchases amounted to € 80 billion, whereas the amounts purchased from March 2017 until the end of December 2017 came to € 60 billion.
Since January 2018 the average monthly purchases amount to € 30 billion.

The Governing Council intends to maintain its policy of reinvesting the principal payments from maturing securities purchased under the APP for an extended period after the end of the net asset purchases, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation.

Further information on the Eurosystem’s asset purchase programmes is provided on 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.