(2)The CBPP3 was established by Decision ECB/2014/40 of the European Central Bank 1 , which was recast in Decision (EU) 2020/187 of the European Central Bank (ECB/2020/8) 2 . It contains a number of safeguards to ensure that the purchases and holding of covered bonds will be proportionate to its aims. These safeguards should also ensure that related financial risks are taken into account in the design of the CBPP3, and therefore also the PEPP, and should reflect risk management perspectives.
Recital 2
- 1 Decision ECB/2014/40 of the European Central Bank of 15 October 2014 on the implementation of the third covered bond purchase programme ( OJ L 335, 22.11.2014, p. 22 , ELI: http://data.europa.eu/eli/dec/2014/828/oj ). ↩
- 2 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 , ELI: http://data.europa.eu/eli/dec/2020/187/oj ). ↩