ECB reveals details of asset purchases

Photo of distinctive apartment buildings in Naples Italy
Naples, Italy

The European Central Bank (ECB) will start buying covered bonds this month and asset-backed securities (ABS) from the fourth quarter of the year, Mario Draghi revealed today.

In September, the ECB announced it would start buying "simple and transparent" securities and launch its third covered bond purchase programme in an effort to stimulate the flow of credit to the real economy.

Today it revealed the fine details of both programmes, both of which will run for at least two years.

Under the term

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