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Decisiones de política monetaria del BCE 10 de marzo de 2016

Incluye enlace a la conferencia de prensa de Mario Dragui

Friday 11 March 2016, by Carlos San Juan


En su reunión de hoy, el Consejo de Gobierno del BCE ha adoptado las siguientes decisiones de política monetaria:

1. El tipo de interés aplicable a las operaciones principales de financiación del Eurosistema se reducirá en 5 puntos básicos hasta situarse en el 0,00 %, a partir de la operación que se liquidará el 16 de marzo de 2016.

2. El tipo de interés aplicable a la facilidad marginal de crédito se reducirá en 5 puntos básicos hasta situarse en el 0,25 %, con efectos a partir del 16 de marzo de 2016.

3. El tipo de interés aplicable a la facilidad de depósito se reducirá en 10 puntos básicos hasta situarse en el -0,40 %, con efectos a partir del 16 de marzo de 2016.

4. Las compras mensuales en el marco del programa de compras de activos se incrementarán hasta 80 mm de euros a partir de abril.

5. Los bonos denominados en euros con calificación de grado de inversión emitidos por entidades que no son instituciones financieras monetarias establecidas en la zona del euro se incluirán en la lista de activos admisibles para las compras periódicas.

6. A partir de junio de 2016 se ejecutará una nueva serie de cuatro operaciones de financiación a plazo más largo con objetivo específico (TLTRO II), todas con vencimiento a cuatro años. El tipo de interés mínimo de estas operaciones será el aplicable a la facilidad de depósito.

BCE nota de prensa sobre las medidas extraordinarias de ampliación cuantitativa de la oferta monetaria y nuevos instrumentos regulatorios

Enlace al video de la conferencia de prensa de Mario Dragui de 10 de marzo 2016

ECB adds corporate sector purchase programme (CSPP) to the asset purchase programme (APP) and announces changes to APP

10 March 2016

Combined monthly purchases under the APP are to increase as of 1 April 2016 to €80 billion from €60 billion.

Investment-grade euro-denominated bonds issued by non-bank corporations established in the euro area will be included in the list of assets eligible for regular purchases under a new corporate sector purchase programme (CSPP). The CSPP will be added to the APP and will be included in the combined monthly purchases.

The CSPP will further strengthen the pass-through of the Eurosystem’s asset purchases to the financing conditions of the real economy.

Purchases are to start towards the end of the second quarter of 2016. The Governing Council of the European Central Bank (ECB) today decided to establish a new programme to purchase investment-grade euro-denominated bonds issued by non-bank corporations established in the euro area with the aim of further strengthening the pass-through of the Eurosystem’s asset purchases to the financing conditions of the real economy. As a result, and in conjunction with the other non-standard measures in place, the CSPP will provide further monetary policy accommodation and contribute to a return of inflation rates to levels below, but close to, 2% in the medium term. Eligibility under the Eurosystem’s collateral framework – the rules that lay out which assets are acceptable as collateral for monetary policy credit operations – will be a necessary condition for determining the eligibility of assets to be purchased under the CSPP, subject to further criteria. Securities issued by credit institutions and by entities with a parent company which belongs to a banking group will not be eligible.

CSPP purchases will begin towards the end of the second quarter of 2016. Further technical details on the CSPP will be announced in due course. The Governing Council also decided to adjust the parameters of the public sector purchase programme (PSPP). The issuer and issue share limits for securities issued by eligible international organisations and multilateral development banks will be increased to 50%. In addition, as of April 2016 the share of such securities purchased under the PSPP will be reduced from 12% to 10% on a monthly basis. To maintain the 20% risk-sharing regime, the ECB’s share of monthly PSPP purchases will be increased from 8% to 10%.

Asset purchase programmes

Expanded asset purchase programme

The expanded asset purchase programme (APP) adds the purchase programme for public sector securities to the existing private sector asset purchase programmes to address the risks of a too prolonged period of low inflation.

It consists of third covered bond purchase programme (CBPP3) asset-backed securities purchase programme (ABSPP) public sector purchase programme (PSPP) Monthly purchases in public and private sector securities will amount to €60 billion.

They are intended to be carried out until the end of March 2017 and in any case until the Governing Council sees a sustained adjustment in the path of inflation that is consistent with its aim of achieving inflation rates below, but close to, 2% over the medium term.


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