Purchase programmes

DNB and the other central banks of the Eurosystem implement various purchase programmes. Their objective is to support the euro area economy.


In March 2020 the ECB set up the Pandemic Emergency Purchase Programme (PEPP). By means of this programme, the ECB aims to promote the transmission of monetary policy and ease financing conditions. The Eurosystem purchases different types of securities, including government bonds and corporate bonds.


The ECB implements various purchase programmes under the Asset Purchase Programme (APP):

  • The Public Sector Purchase Programme (PSPP), which was launched in 2015 and entails the purchasing of government bonds and bonds issued by various national and European institutions.
  • The Corporate Sector Purchase Programme (CSPP), under which corporate bonds have been purchased since 2016.
  • The Asset-Backed Securities Purchase Programme (ABSPP), under which asset-backed securities (ABS) have been purchased since 2014.
  • The Covered Bonds Purchase Programme 3 (CBPP3), under which covered bonds issued by banks have been purchased since 2014. This programme is a continuation of earlier covered bond purchase programmes implemented from 2009 onwards.

Purchases by DNB

DNB purchases ABS, covered bonds and bonds issued by the Dutch State and national agencies. The ECB makes the purchases through market operations with its own counterparties. Eligible are banks which can participate in regular monetary operations as well as counterparties with which transactions are concluded for the euro-denominated investment portfolios. In addition, DNB makes part of the purchases under the PSPP and PEPP through auctions. Read more about reverse auctions under the purchase programmes.

The bonds purchased by DNB under the PSPP are made available for securities lending transactions. Read more about QE & securities lending.