The stimulus package comprises a number of tools, including: the introduction of a negative interest rate on the ECB’s deposit facility, a credit-easing package in the form of targeted long-term refinancing operations (TLTROs), 2/7  BIS central bankers' speeches  an asset purchase programme consisting asset-backed securities (ABS), the re-ignition of the covered bond purchase programme (CBPP3), and a forward guidance strategy.
Further deterioration of the inflation outlook in late 2014 motivated the Governing Council in January 2015 to announce the extension of this asset purchase programme to include public sector securities. This is collectively known as the expanded asset purchase programme (EAPP).3 The portfolio rebalancing channel is frequently considered to be the most effective channel through which central bank asset purchases affect the real economy.