The European Central Bank is falling behind on a €40bn asset purchase programme launched at the height of eurozone crisis, in a sign it could be dropped as a first step towards unwinding emergency support for the region’s financial system.
Purchases of “covered bonds” – debt backed by pools of assets favoured by some institutional investors – have so far totalled less than €9bn. The scheme started last November and was originally intended to run until October at the latest.
The shortfall largely reflects improved market conditions, but comes amid discussions at the ECB over an “exit strategy” by which the central bank would wean eurozone banks off exceptional financial support.
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