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New version applies from 04/08/2020 — introduced by Decision (EU) 2020/1143 of the ECB. 3 provisions change. Later versions: 19/02/2021, 06/05/2024, 05/11/2024, 25/06/2025. Article 1 changes in this version: compare with the current text.

View as of 04/08/2020 What changes

Article 1 - Establishment and scope of the PEPP

Article 1

Establishment and scope of the PEPP

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1. The Eurosystem hereby establishes the temporary pandemic emergency purchase programme (‘PEPP’) as a separate purchase programme, with an overall envelope of EUR 750 billion.

2. Under the PEPP the Eurosystem central banks shall, except as explicitly provided otherwise in this Decision, purchase:

((a))

eligible marketable debt securities within the meaning of, and in accordance with, the provisions of Decision (EU) 2020/188 of the European Central Bank (ECB/2020/9);

((b))

eligible corporate bonds and other marketable debt instruments within the meaning of, and in accordance with, the provisions of Decision (EU) 2016/948 of the European Central Bank (ECB/2016/16)²;

((c))

eligible covered bonds within the meaning of, and in accordance with, the provisions of Decision (EU) 2020/187 of the European Central Bank (ECB/2020/8)³;

((d))

eligible asset-backed securities (ABS) within the meaning of, and in accordance with, the provisions of Decision (EU) 2015/5 of the European Central Bank (ECB/2014/45)⁴.

2 Decision (EU) 2016/948 of the European Central Bank of 1 June 2016 on the implementation of the corporate sector purchase programme (ECB/2016/16) ( OJ L 157, 15.6.2016, p. 28 ). ↩
3 Decision (EU) 2020/187 of the European Central Bank of 3 February 2020 on the implementation of the third covered bond purchase programme (ECB/2020/8),( OJ L 39, 12.2.2020, p. 6 ). ↩
4 Decision (EU) 2015/5 of the European Central Bank of 19 November 2014 on the implementation of the asset-backed securities purchase programme (ECB/2014/45) ( OJ L 1, 6.1.2015, p. 4 ). ↩

Metadata

✓ In force