International Tax Advisory: ECB accelerates pace of purchase of Spanish debt

ECB provides fiscal advice for the emergency purchase of COVID-19

After the great economic and social impact of COVID-19, the European Central Bank (ECB) has decided to allocate 46,111 million euros to the acquisition of Spanish debt. The aim of this procedure is to accelerate the emergency purchase programme against the pandemic (PEPP).

23,716m in Spanish bonds in June and July. Therefore, the net figure for sovereign bond purchases through the end of July was Of the latter amount, 27.98 billion euros were used to buy debt issued by supranational entities in the eurozone.

At the European level, the amounts of debt acquired by the ECB, through the PEPP, are as follows:

  • Spain: represents 12.9% of the 356,837 million euros invested by the central bank in sovereign debt of the euro area countries since the programme was launched.
  • Germany: since the end of March, it has bought 93,016 million euros, 26% of the amount aimed at buying public debt.
  • Italy: has bought 73.432 billion euros, 20.5% of the amount directed to the purchase of public debt.
  • France: bought 59.42 billion euros of public debt, 16.5% of the amount destined to the purchase of public debt.
  • Greece: since last March, the institution has accumulated a total of 9.946 billion euros, with the acquisition of 5.256 billion euros between June and July, after having bought 4.69 billion euros, 2.7% of the total between March and May.

It should be noted that since the launch of the PEPP programme, the ECB has accumulated:

  • 34,845 million in promissory note purchases.
  • 17,620m in corporate bonds.
  • 3,128m in covered bonds.

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Etiquetas: tax advisor Spain, European Union, tax debt, international tax consultancy, PEPP, European Central Bank