Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/154575
Authors: 
Beirne, John
Dalitz, Lars
Ejsing, Jacob
Grothe, Magdalena
Manganelli, Simone
Monar, Fernando
Sahel, Benjamin
Sušec, Matjaž
Tapking, Jens
Vong, Tana
Year of Publication: 
2011
Series/Report no.: 
ECB Occasional Paper 122
Abstract: 
This paper provides an assessment of the impact of the covered bond purchase programme (hereafter referred to as the CBPP) relative to its policy objectives. The analysis presented on the impact of the CBPP on both the primary and secondary bond markets indicates that the Programme has been an effective policy instrument. It has contributed to: (i) a decline in money market term rates, (ii) an easing of funding conditions for credit institutions and enterprises, (iii) encouraging credit institutions to maintain and expand their lending to clients, and (iv) improving market liquidity in important segments of the private debt securities market. The paper also provides an overview of the investment strategy of the the Eurosystem with regard to the CBPP portfolio.
Subjects: 
covered bonds
liquidity
primary market
secondary market
JEL: 
E22
L63
L86
O3
O47
Document Type: 
Research Report

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