Securities lending under the APP and PEPP

The Bun­des­bank generally makes any holdings that it has purchased under the PSPP and the CSPP available for securities lending.

The Bun­des­bank has been a participant in Clearstream Banking Luxembourg's (CBL) "Automated Securities Lending (ASL)" programme since the start of April 2015. The ASL programme ensures that borrowers' trades do not fail.

Since 5 October 2015, the Bun­des­bank has additionally been making available any holdings that it has purchased under the PSPP via the CBL's strategic lending facility "ASLplus". CSPP holdings, too, have been available via this facility since 18 July 2016. ASLplus allows market participants to borrow these securities at a minimum spread above the current rate for general collateral. The Bun­des­bank offers the relevant securities on a cash-neutral basis. The maximum maturity of a securities lending transaction is 35 days.

Since the end of September 2016, the Bun­des­bank has also been making holdings purchased under the PSPP available in the form of bilateral lending transactions. These take place as repo-/reverse repo transactions. Since 15 December 2016 it is possible to borrow securities via a repo transaction against cash as collateral (without an offsetting reverse repo).The European Master Agreement (EMA) serves as the legal basis for these transactions. The maximum maturity of bilateral transactions is seven days. To a limited extent, repos can also be offered via the Eurex Repo platform.

Since the start of the Pandemic Emergency Purchase Programme (PEPP) in March 2020, the Bundesbank has also been making the public sector securities and corporate bonds purchased under this programme available for lending.

Eurosystem central banks adhere to a pricing framework that ensures that the Eurosystem securities lending facilities serve as an effective backstop, supporting bond and repo market liquidity without unduly curtailing normal repo market activity.

As of 2 November 2020, Eurosystem central banks allow eligible counterparties to do repo-/reverse repo transactions at a fixed minimum fee of 5 basis points, or a fee based on prevailing market rates, whichever is the higher.

The rate for repos against cash as collateral is the lower of the rate of the deposit facility minus 20 basis points and the prevailing market repo rate.

The Eurosystem has adjusted its pricing framework in November 2020 to reflect the changes in euro area repo market conditions since December 2016 and to ensure that the Eurosystem securities lending facilities remain an effective backstop.

Further information can be requested using the following e-mail address:

A list of the securities currently available for lending can be downloaded via the following link.