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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):

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.