Covered bond purchase programme 3 (CBPP3)

The ECB announced the operational details of the third covered bond purchase programme (CBPP3) on 2 October 2014. The objective of the CBPP3 is to enhance the transmission of monetary policy by supporting the provision of credit to the economy and, as a result, provide further monetary policy accommodation. To achieve price stability, the Eurosystem aims to lower long-term interest rates and provide additional liquidity.

Purchases of euro-denominated covered bonds deemed eligible according to the Eurosystem's collateral framework for monetary policy operations began on 20 October 2014 and cover both the primary and secondary markets.