In March 2015 the Eurosystem will start to purchase eurodenominated investment-grade securities issued by euro area governments and agencies and European institutions in the secondary market. The purchases of securities issued by euro area governments and agencies will be based on the Eurosystem NCBs’ shares in the ECB’s capital key.
Some additional eligibility criteria will be applied in the case of countries under an EU/IMF adjustment programme. Second, the Governing Council decided to change the pricing of the six remaining targeted longer-term refinancing operations (TLTROs).