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ECB stock of Irish bonds up almost €600m in June and July ahead of hike

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European Central Bank president Christine Lagarde. . Photo: Alex Kraus/Bloomberg

European Central Bank president Christine Lagarde. . Photo: Alex Kraus/Bloomberg

European Central Bank president Christine Lagarde. . Photo: Alex Kraus/Bloomberg

The European Central Bank (ECB) added close to €600m to its stock of Irish government bonds in July even as it moved to normalise what had been massive support to the bond markets via quantitative easing (QE) to clear the way for this month’s interest rate hike.

The ECB ended net purchases under its pandemic-era bond-buying program in March and cut buying under its long-standing Public Sector Purchase Programme (PSPP) before ending it finally in July as part of a ‘normalisation’ policy to contract the bank’s balance sheet and reduce the inflationary effect of excess money washing through the economy.


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