In addition, beginning in June, the Eurosystem will be providing a further set of targeted longer-term refinancing operations through which banks can acquire liquidity for a period of four years at extremely favourable conditions. Moreover, the volume of monthly bond purchases was raised from € billion to € billion.
This total volume will now also include purchases of bonds issued by non-bank corporations, provided that these are investmentgrade bonds issued in the euro area. It is expected, however, that government bonds will continue to account for the majority of purchases.