Perché la BCE compra i titoli di Stato italiani?
Un acquisto massiccio di titoli da parte della BCE ha il duplice effetto di far recuperare valore a tutti i titoli emessi sul mercato secondario e allo stesso tempo calmierare i tassi di interesse che gli Stati in questione dovranno pagare nelle successive emissioni grazieall’aumento della domanda.
Che cosa è il PEPP?
Il Pandemic Emergency Purchase Programme (PEPP), annunciato e avviato a marzo del 2020, rappresenta una misura temporanea per contrastare i seri rischi per la trasmissione della politica monetaria e per le prospettive economiche dell’area dell’euro derivanti dalla diffusione del Coronavirus.
Chi finanzia la banca centrale europea?
Aggiornato il 29 dicembre 2021 Il capitale della BCE, che ammonta a 10.825.007.069,61 euro, è sottoscritto dalle banche centrali nazionali (BCN) di tutti gli Stati membri dell’UE.
What is the PSPP programme?
The PSPP programme provides that each national central bank is to purchase eligible securities of central, regional or 3local issuers of its own jurisdiction; such purchases are distributed in accordance with the key for subscription of the ECB’s capital.
Are sustainability-linked debt instruments eligible for purchase under the CSPP?
For a debt instrument to be eligible for purchase under the corporate sector purchase programme (CSPP), it must at a minimum fulfil the eligibility requirements set for Eurosystem collateral. With regard to sustainability-linked debt instruments, the following FAQ provides clarification on eligibility criteria.
Which NCBs conducted reverse auctions under the PSPP?
Three Eurosystem NCBs (Banque de France, De Nederlandsche Bank and Lietuvos Bankas) conducted reverse auctions on a trial basis under the Public Sector Purchase Programme (PSPP) between October 2015 and December 2015.
What is the allocation for substitute securities in the PSPP?
If these substitute purchases comprise marketable debt instruments issued by international or supranational institutions located in the euro area, such purchases will be subsumed under the 10% allocation for these securities in the PSPP (from March 2015 until March 2016 this figure was 12%).