•  Furthermore, the Eurosystem will purchase euro-denominated covered bonds issued in the euro area of about € billion. These purchases will target an important segment of the private securities market, which has been particularly affected by the financial market turbulence. We have outlined the specific modalities of implementation last week.
Our primary concern when taking these decisions in recent months was to maintain the availability of credit for households and companies at accessible rates. I have described that as “enhanced credit support”. Furthermore, our very flexible liquidity management ensured that solvent banks did not get into difficulties because of liquidity constraints.