Outright transactions

Purchase programme for covered bonds

Pursuant to the general regulations for Eurosystem monetary policy instruments and procedures, the final purchase and sale of eligible assets on the market (outright transactions) count among the Eurosystem’s standard monetary policy instruments. In light of this, the European Central Bank published its “Decision on the implementation of the covered bond purchase programme (ECB/2009/16)” on 2 July 2009. This document sets out the regulations governing the purchase programme for covered bonds which had began in July 2009 and was finalised in June 2010.

For further information please see

• Purchase programme for covered bonds
• Decisions taken by the Governing Council of the ECB, June 2009 (in addition to decisions setting interest rates)
• Decisions taken by the Governing Council of the ECB, July 2009 (in addition to decisions setting interest rates)
• Final Monthly Report on theEurosystem's of the covered bond purchase programme, June 2010

Securities markets programme

To address severe tensions in certain market segments the Governing Council of the ECB has decided to conduct a securities markets programme. For this purpose interventions in the markets for public and private debt instruments can be conducted to ensure depth and liquidity in those market segments which are dysfunctional and to restore an appropriate monetary policy transmission mechanism. The monetary policy stance will not be affected by the securities markets programme. The securites markets programme will be conducted without any intended volume and for an unspecified period of time.

For further information please see

• ECB decides on measures to address severe tensions in financial market (Press release)
• Decision of the European Central Bank
• The ECB’s response to the recent tensions in financial markets (Speech by Jean-Claude Trichet, President of the ECB)