For the same purpose, the Eurosystem purchased covered bonds issued by banks on a limited scale. This program has already been completed last year. In May 2010, when the sovereign debt crisis erupted, the phasing out of the extended refinancing operations was temporary delayed and the Securities Markets Programme started. This bond purchasing program aims at non-functioning Eurozone bonds markets.
Domestic demand shows few signs of significant moderation and all components of final demand grew at a healthy rate in the second quarter. New motor vehicle sales reached new record highs in September, although there was a moderate slowdown in the growth of motor vehicle sales which increased by 25,3 per cent over the year.