Securities lending of holdings under the asset purchase programme (APP) and the pandemic emergency purchase programme (PEPP)

Securities purchased under the public sector purchase programme (PSPP) have been made available for securities lending in a decentralised manner by Eurosystem central banks since 2 April 2015.

Several Eurosystem central banks make their holdings under the three covered bond purchase programmes (CBPP, CBPP2 and CBPP3) available for securities lending. As of 18 July 2016, holdings under the corporate sector purchase programme (CSPP) have also been made available for securities lending by the purchasing national central banks. 

In addition, as of 26 March 2020, securities purchased under the PEPP (Pandemic Emergency Purchase Programme) are also available for lending by Eurosystem central banks.

The aim of securities lending is to support bond and repo market liquidity without disrupting normal repo market activity.

The Bank of Greece, in line with the practice followed by the other national central banks of the Eurosystem, makes the securities purchased under the PSPP and the SMP and from the PEPP those that are also eligible under the PSPP available for securities lending via the fails mitigation programme (Automated Securities Lending) and the agency lending programme (GC Access) of Euroclear Bank SA. 

As of 26 April 2023, the Bank of Greece makes available for lending the Greek government securities holdings purchased under the PEPP. Loans that are outstanding for more than 30 calendar days will be monitored and may be recalled in order to ensure that the facility is being used for its intended purpose of supporting secondary market liquidity. In any event, transactions will be recalled at the latest 90 calendar days following the start of the loan.

The lists of ISINs of PSPP and PEPP holdings available for lending are updated on a weekly basis and can be downloaded via the link below.

More information on the general APP/PEPP securities lending framework can be found on the ECB’s website, including aggregated data on the securities lending activity of the Eurosystem.

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