Decision of the ECB on the implementation of the third covered bond purchase programme

17 October 2014

Alongside the ABS purchase programme (ABSPP) and the Targeted Longer Term Refinancing Operations (TLTROs), the CBPP3 will further enhance the transmission of monetary policy, facilitate credit provision to the euro area economy, generate positive spill-overs to other markets.

The Eurosystem established the CBPP3 under which the Eurosystem central banks shall purchase eligible covered bonds. Under the CBPP3, eligible covered bonds may be purchased by the Eurosystem central banks from eligible counterparties in the primary and secondary  markets according to the counterparty eligibility criteria.

Full ECB decision

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