Date: Wed, 22 Apr 2020 07:23:33 +0000
Subject: FW: [EXT] access to documents request - Disclosure of separate bond value under CSPP and PEPP
From: "[email address]" <[email address]>
To: Access to documents <[email address]>, "Pipaud, Corinne" <[email address]>




________________________________________
From: Paul Schreiber
Sent: Wednesday, 22 April 2020 09:23:30 (UTC+01:00) Amsterdam, Berlin, Bern, Rome, Stockholm, Vienna
To: [email address]
Subject: [EXT] access to documents request - Disclosure of separate bond value under CSPP and PEPP

Dear European Central Bank,

In January, the ECB launched the review of its monetary policy strategy. Due to the Covid crisis, the review was postponed and should be conducted by mid-2021. One of the main objectives of the review is to evaluate the effectiveness and potential side effects of the monetary policy conducted by the ECB. To reach this objective, a complete knowledge of the use of unconventional monetary operations is needed.

Today, the ECB discloses the corporate bonds it holds under the CSPP and the PEPP and the total value of its purchase under these programs. However, the ECB doesn’t disclose the value of each separate bond held under the CSPP and PEPP.

Despite the fact that the “greening” of the APP is one of the strategic orientations that have to be discussed during the strategic review, the non-disclosure of bond value makes it impossible to know what CSPP and PEPP finance and, therefore, to determine their environmental impacts.  Amid the Covid crisis, the non-disclosure of bond value conceals the amount of financing that PEPP provides to critical sectors such as healthcare.

Given these elements, under the right of access to documents in the EU treaties, as developed in Regulation 1049/2001, I am requesting documents which contain the separate bond value of CSPP and PEPP assets held by the ECB and the Eurosystem.

Yours faithfully,

Paul Schreiber

Campaigner on the Supervision of Financial Actors
Reclaim Finance

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