ECB: Very Slow Start For PSPP Reinvestments

The ECB holds €1689 bn of bonds purchased under the PSPP. In the same way as the Fed, the ECB has announced that it would reinvest the bonds reaching maturity “for as long as necessary”. The first PSPP purchases occurred in March 2015 while the minimum maturity for the bonds was 2 years (it has been lowered to 1 year as the beginning of 2017).