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ECB announces that it purchased EUR1.7bn of covered bonds last week

FXStreet (London) - The European Central Bank showed that it is being aggressive in its plans to expand its balance sheet, revealing that it carried out EUR1.704bn of covered bond purchases last week.

The purchases exceeded many expectations, with markets extrapolating from last weeks purchases that the ECB is being aggressive about fulfilling president Mario Draghi’s plan to expand the Bank’s balance sheet by up to EUR1 trillion.

Purchases of covered bonds began today and future purchases will be announced weekly. The ECB will begin asset-backed security (ABS) purchases later this quarter.

The moves come as the ECB tries to fight disinflationary pressures and economic slowdown in the Eurozone. Annual CPI inflation printed at 0.3 percent in September, remaining below 1 percent since October 2013.

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