Lost in terminology?
Find on this page key concepts in simple words explained by the ECB.
Asset Purchase Programme
The expanded asset purchase programme (APP) includes all purchase programmes under which private and public sector securities are purchased by the Eurosystem to address the risks of a too prolonged period of low inflation.
For further information is available on the ECB website.
Securities Lending arrangement of the Banque centrale du Luxembourg:
Banque centrale du Luxembourg (BCL) makes its bond holdings purchased through the non-standard monetary policy operations available for securities lending via the automated strategic lending programme ASLplus provided by Clearstream Banking Luxembourg (CBL).
Securities holdings offered for lending are those purchased by the BCL under the Public Sector Purchase Programme (PSPP), Covered Bond Purchase Programme (CBPP3), Pandemic Emergency Purchase Programme (PEPP) and Securities Markets Programme (SMP).
Lending of securities takes place on a cash neutral basis with a maximum maturity of 30 days. ASLplus allows eligible counterparts to borrow securities at the higher of either 5 basis points (bps) or the prevailing securities market lending fee against eligible bond collateral.
Market participants interested to enter into securities lending transactions or having specific questions on ASLplus are advised to contact:
ASLplus Securities Lending Desk London
phone +44 207 862 7626
Bloomberg email address CLEARSTREAM SECLEND.
List of securities made available for lending by Banque centrale du Luxembourg in the context of the PSPP and the SMP: << xls-file with list of ISINs >>.