Trichet bows out with new bond purchase scheme


In his last post-Governing Council meeting press conference before leaving the European Central Bank, president Jean-Claude Trichet launched a new covered bond purchase programme (CBPP2). Under the programme the purchases will be for an intended amount of €40 billion ($53 billion). They will have the capacity to be conducted in the primary and secondary markets and will be carried out by means of direct purchases. The purchases will start in November 2011 and are expected to be fully implemented

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