Taken together, we expect that the combination of our measures – the TLTRO as well as the ABS and covered bond purchase programme – to have a sizeable impact on our balance sheet, as stressed in the Governing Council’s communication since September.
Unlike in the euro area, there are substantial numbers of resident holders of JGBs: the amount of their holdings accounts for over 90 percent of outstanding bonds issued. Many of those investors  BIS central bankers’ speeches  3  are long-term-oriented financial institutions.