In this situation, the ECB launched a Securities Markets Programme (SMP) to alleviate the tensions prevailing on the markets. In the context of the SMP, the ECB purchased government bonds in those market segments that were most dysfunctional. During the approximately one and a half years the programme was running, total SMP purchases amounted to around EUR 200 billion.
However, instruments that fund the shadow banking system, such as money market mutual funds and repos, also met a rapidly growing demand among investors, generally large institutions and corporations, seeking cash-like assets for use in managing their liquidity.