Monetary policy decisions

The record

Publisher

European Central Bank

Agency

Governing Council

Source

European Central Bank

Kind

Release

Jurisdiction

European Union

Topics

Monetary policy

Importance

Headline, the top of three tiers Kresmion sets by fixed rules from the source's own fields

Published (source time)

2020-04-30 (the source gives a date only)

First seen on Kresmion

2026-10-27 00:06 UTC

The original

Source: European Central Bank (ecb.europa.eu), reproduced as published. The text may be obtained free of charge on the ECB's website.

What changed

ECB monetary policy decisions, meeting of Apr 30, 2020

What changed since Mar 12, 202063.0% of words changed349 words removed, 434 added

removedadded

• At today’s meeting the Governing Council removed: decided on a comprehensive package of added: the ECB took the following monetary policy removed: measures: added: decisions: (1) removed: Additional added: The conditions on the targeted longer-term refinancing operations removed: (LTROs) will be conducted, temporarily, to provide immediate liquidity support to the euro area financial system. Although added: (TLTRO III) have been further eased. Specifically, the Governing Council removed: does not see material signs of strains in money markets or liquidity shortages in added: decided to reduce the removed: banking system, these operations will provide an effective backstop in case of need. They will be carried out through a fixed rate tender procedure with full allotment, with an interest rate removed: that is equal to the average rate on removed: the deposit facility. The LTROs will provide liquidity at favourable terms to bridge the period until the TLTRO III removed: operation in June 2020. (2) In TLTRO III, considerably more favourable terms will be applied added: operations during the period from June 2020 to June 2021 to removed: all TLTRO III operations outstanding during that same time. These operations will support bank lending to those affected most by the spread of the coronavirus, in particular small and medium-sized enterprises. Throughout this period, the interest rate on these TLTRO III operations will be 25 basis points below the average rate applied in the Eurosystem’s main refinancing operations. For counterparties that maintain their levels of credit provision, the rate applied in these operations will be lower, and, over the period ending in June 2021, can be as low as 25 added: 50 basis points below the average interest rate on the added: Eurosystem’s main refinancing operations prevailing over the same period. Moreover, for counterparties whose eligible net lending reaches the lending performance threshold, the interest rate over the period from June 2020 to June 2021 will now be 50 basis points below the average deposit removed: facility. Moreover, added: facility rate prevailing over the removed: maximum total amount added: same period. (2) A new series of non-targeted pandemic emergency longer-term refinancing operations (PELTROs) will be conducted to support liquidity conditions in the euro area financial system and contribute to preserving the smooth functioning of money markets by providing an effective liquidity backstop. The PELTROs consist of seven additional refinancing operations commencing in May 2020 and maturing in a staggered sequence between July and September 2021 in line with the duration of the collateral easing measures. They will be carried out as fixed rate tender procedures with full allotment, with an interest rate that removed: counterparties added: is 25 basis points below the average rate on the main refinancing operations prevailing over the life of each PELTRO. (3) Since the end of March, purchases have been conducted under the Governing Council’s new pandemic emergency purchase programme (PEPP), which has an overall envelope of €750 billion, to ease the overall monetary policy stance and to counter the severe risks to the monetary policy transmission mechanism and the outlook for the euro area posed by the coronavirus pandemic. These purchases will removed: henceforth added: continue to be removed: entitled to borrow added: conducted in removed: TLTRO III operations is raised to 50% of their stock of eligible loans as at 28 February 2019. In this context, the added: a flexible manner over time, across asset classes and among jurisdictions. The Governing Council will removed: mandate the Eurosystem committees to investigate collateral easing measures to ensure that counterparties continue to be able to make full use of the funding support. (3) A temporary envelope of additional added: conduct net asset purchases added: under the PEPP until it judges that the coronavirus crisis phase is over, but in any case until the end of added: this year. (4) Moreover, net purchases under the asset purchase programme (APP) will continue at a monthly pace of €20 billion, together with the purchases under the additional €120 billion removed: will be added added: temporary envelope until the end of the removed: year, ensuring a strong contribution from the private sector purchase programmes. In combination with the existing asset purchase programme (APP), this will support favourable financing conditions for the real economy in times of heightened uncertainty. added: year. The Governing Council continues to expect added: monthly net asset purchases added: under the APP to run for as long as ...
• ... raising the key ECB interest rates. removed: (4) added: (5) Reinvestments of the principal payments from maturing securities purchased under the APP will continue, in full, for an extended period of time past the date when the Governing Council starts raising the key ECB interest rates, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation. (6) The interest rate on the main ...
• ... consistently reflected in underlying inflation dynamics. removed: (5) Reinvestments added: The Governing Council is fully prepared to increase the size of the removed: principal payments from maturing securities purchased under the APP will continue, in full, for an extended period of time past the date when the Governing Council starts raising the key ECB interest rates, added: PEPP and removed: in any case added: adjust its composition, by as much as necessary and for as long as removed: necessary added: needed. In any case, it stands ready to removed: maintain favourable liquidity conditions and an ample degree added: adjust all of removed: monetary accommodation. added: its instruments, as appropriate, to ensure that inflation moves towards its aim in a sustained manner, in line with its commitment to symmetry. Further details on the removed: precise added: amendments made to the terms of added: TLTRO III and on the new removed: operations added: PELTROs will be published in dedicated press ...

Kresmion's comparison of the two published texts: a word-by-word diff of the European Central Bank's decision release of Apr 30, 2020 against its decision release of Mar 12, 2020, computed by Kresmion, not by the European Central Bank.

This redline modifies the ECB's published texts: the marks are Kresmion's. Both texts as published are available free of charge on the ECB's website (ecb.europa.eu).

Source: European Central Bank (ecb.europa.eu), reproduced as published. The text may be obtained free of charge on the ECB's website.

• The previous decision release, Mar 12, 2020