The Third Covered Bond Purchase Programme (CBPP3)

As stated in “Decision ECB/2014/40, 15 October 2014” 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 
• Ease the ECB's monetary policy stance and contribute to a return of inflation rates to levels closer to 2%

The Eurosystem began purchases under CBPP3 on 20 October 2014.

All purchases under CBPP3 are held on a full income and loss sharing regime, as is the case with most decentralised monetary operations.

FAQs related to the CBPP3 can be found on the ECB’s website.