The Impact of the Eurosystem's Covered Bond Purchase Programme on the Primary and Secondary Markets

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

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Year of publication:	2011
Authors:	Beirne, John
Other Persons:	Dalitz, Lars (contributor) ; Ejsing, Jacob Wellendorph (contributor) ; Grothe, Magdalena (contributor) ; Manganelli, Simone (contributor) ; Monar, Fernando (contributor) ; Sahel, Benjamin (contributor) ; Susec, Matjaz (contributor) ; Tapking, Jens (contributor) ; Vong, Tana (contributor)
Publisher:	[2011]: [S.l.] : SSRN
Subject:	Pfandbrief \| Covered bond \| EU-Staaten \| EU countries \| Offenmarktpolitik \| Open market operations \| Euromarkt \| Euromarkets

Extent:	1 Online-Ressource (36 p)
Series:	ECB Occasional Paper ; No. 122
Type of publication:	Book / Working Paper
Language:	English
Notes:	Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments January 10, 2011 erstellt
Other identifiers:	10.2139/ssrn.1646280 [DOI]
Classification:	G12 - Asset Pricing ; G14 - Information and Market Efficiency; Event Studies ; G21 - Banks; Other Depository Institutions; Mortgages
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10013133227