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Pandemic Emergency Purchase Programme (PEPP).

We're waiting for Thomas O'Neill to read recent responses and update the status.

Dear European Central Bank,

The Pandemic Emergency Purchase Programme (PEPP) officially came into existence on March 24 and has begun purchasing corporate bonds issued by eligible companies.

The ECB website is publishing at the end of each week a ‘list of corporate bond securities held under the CSPP/PEPP’. However, this list:

- Merges and does not distinguish between (previous & new) purchases made under the pre-existing CSPP, and those associated with the PEPP program.

- It also does not disclose the number of euros spent on each corporate bond.

Therefore, it is effectively impossible to ascertain any meaningful information on how much money is supporting which companies. Given that the ECB has 750 billion euros to spend in a short space of time through PEPP, there is a clear public interest in greater transparency over this program.

Under the right of access to documents in the EU treaties, as developed in Regulation 1049/2001, I am requesting documents which contain the following information:

That the ECB discloses details on all bonds it has purchased to date through the PEPP. This should include:

1) All the bonds purchased by the PEPP (not the CSPP)
2) The Bonds' ISINs
2) The total amount of euros spent on each bond

Please can you include all the PEPP bonds purchased from March 24 to the date you actually process this request?

Best wishes,

Thomas O’Neill

Access to documents,

Dear Mr O’Neill,
Thank you for your request, which we have received on 7 April 2020, for
access to European Central Bank (ECB) documents.
In accordance with [1]Decision ECB/2004/3 on public access to ECB
documents, as last amended, you will receive a reply within 20 working
days.
Yours sincerely,
Compliance and Governance Office
DG Secretariat
European Central Bank
Sonnemannstrasse 20
60314 Frankfurt am Main
[2][email address]
 
Privacy notice: By submitting a request for access to documents, the ECB
collects information about you for the sole purpose of processing your
request in accordance with Decision ECB/2004/3 on public access to ECB
documents. All personal data are processed in accordance with EU Data
Protection Law (Regulation (EU) 2018/1725). The ECB is the controller for
the processing of the personal data. The recipients of the data will be
the ECB’s Compliance and Governance Office and, only when necessary, other
institutions within the European System of Central Banks, the Single
Supervisory Mechanism, or EU institutions.
You have the right to restrict processing and to access, rectify and under
certain conditions to request deletion of your stored personal data. You
can exercise your rights by contacting the ECB's Compliance and Governance
Office ([3][email address]) or the ECB’s Data Protection
Officer ([4][email address]).Furthermore, you have the right to address
the European Data Protection Supervisor ([5]www.edps.europa.eu) any time
regarding this processing of your personal data.
 

show quoted sections

Dear Access to documents,

I had written to the ECB on April 7 2020, regarding its Pandemic Emergency Purchase Programme (PEPP).

The ECB replied stating that it would respond with a decision in 20 working days on April 8 2020.

I have to date received no reply contrary to EU law stating that the organization should respond promptly.

Please can you follow up on the matter?

Yours sincerely,

Thomas O'Neill

Dear European Central Bank,

I had written to the ECB on April 7 2020, regarding the Pandemic Emergency Purchase Programme (PEPP).

The ECB replied stating that it would respond with a decision in 20 working days on April 8 2020.

I have to date received no reply contrary to EU law stating that the organization should respond promptly.

Please can you follow up on the matter?

Yours sincerely,

Thomas O'Neill

Access to documents,

Dear Mr O’Neill,

We refer to your request of 7 April 2020, for access to European Central Bank (ECB) documents, whose current deadline for reply is Friday, 8 May 2020.

We regret to inform you that, owing to the increased workload created by a high number of simultaneous requests, the ECB has not yet been able to conclude the internal assessment process and the detailed analysis of all legal aspects related to the possible disclosure of the requested data.

In accordance with article 7.3 of Decision ECB/2004/3, the ECB has decided to extend the time-limit for responding to your application by 20 working days. Therefore, the next deadline for reply is 9 June 2020. Rest assured that we are looking into your request and that we will try to get back to you with a reply as soon as possible.

We apologise for the inconvenience this delay may cause.

Yours sincerely
Compliance and Governance Office
DG Secretariat
European Central Bank
Sonnemannstrasse 20
60314 Frankfurt am Main
[email address]

show quoted sections

Access to documents,

Dear Mr O’Neill, 

 

We refer to our message of 5 May 2020, informing you of the extension of
the deadline for response to your request for access to European Central
Bank (ECB) documents. The ECB is currently finalising its reply, which
should reach you in the coming days.

 

We apologise for the inconvenience this additional delay may cause.

 

Yours sincerely

 

Compliance and Governance Office

DG Secretariat

European Central Bank

Sonnemannstrasse 20

60314 Frankfurt am Main

[email address]

 

 

show quoted sections

Access to documents,

1 Attachment

  • Attachment

    22 06 2020 Reply to applicant of public access request to ECB documents.pdf

    58K Download View as HTML

Dear Mr O’Neill, 

 

Please find attached the ECB’s reply to your request of 7 April 2020 for
access to European Central Bank (ECB) documents.

 

Yours sincerely,

 

Compliance and Governance Office

DG Secretariat

European Central Bank

Sonnemannstrasse 20

60314 Frankfurt am Main

[1][email address]

 

From: Access to documents
Sent: 09 June 2020 18:35
To: Thomas O'Neill ([FOI #7834 email])
Subject: RE: [EXT] RE: Extension of deadline - access to documents request
- Pandemic Emergency Purchase Programme (PEPP).

 

Dear Mr O’Neill, 

 

We refer to our message of 5 May 2020, informing you of the extension of
the deadline for response to your request for access to European Central
Bank (ECB) documents. The ECB is currently finalising its reply, which
should reach you in the coming days.

 

We apologise for the inconvenience this additional delay may cause.

 

Yours sincerely

 

Compliance and Governance Office

DG Secretariat

European Central Bank

Sonnemannstrasse 20

60314 Frankfurt am Main

[email address]

 

 

show quoted sections

Dear European Central Bank,

Please pass this on to the ECB's Executive Board to reconsider its position to refuse my request.

The central tenant of your refusal is that disclosure would "seriously distort price discovery and compromise the integrity of the market…(leading) market participants to draw inferences about the Eurosystem holdings and adjust their own behaviour".

The focus of my complaint and retort relates to the inconsistency of ECB's bond-buying program and the legislative ambition of the EU Green Deal.

Your own President, Christine Lagarde, said on July 8 2020: "Want to explore every avenue available in order to combat climate change…climate change actually has an impact on price stability…in order to tackle climate change, because at the end of the day money talks"

Money does talk, and the ECB has since the pandemic bought the bonds of Eni, OMV, Royal Dutch Shell, Total. For the record, these are fossil fuel companies that recapitalize themselves through the bond markets and overwhelming invest in capital expenditure (CAPEX) related to new oil and gas production. This production is a key driver of climate change and all new oil and CAPEX is inconsistent with the Paris Agreement and the EU Green Deal.

Given we are on the verge of catastrophic climate change, I think the citizens of the EU would be amazed if they understood that everyone is paying for the EU to prop up some of the wealthiest oil and gas companies in the name of "price stability".

Further, the argument in the refusal letters ignores Christine Lagarde own expanded interpretation of price stability "if we fail to measure externalities, if we fail to anticipate drought, if we fail to anticipate variation in the prices of food, of energy, of services, then we are not doing our job." Clearly from your response, your "price stability" interpretation is not incorporating the broader externalities of your bond purchases.

The function of Government transparency is that institutions can be held to account when they are not doing their job. We need transparency here to ensure the ECB banks is aligned with its own and the EU's commitments on climate change.

To this end, I would like to revise and limit my request to: the ECB disclosures the amount it spends on bonds issued by climate-relevant companies. That is, all companies involved directly or indirectly in the release significant GHG emissions (i.e., in the following sectors: aviation, cement, oil and gas, steel, mining, utilities). Further, the ECB should, for its own sake, be publishing the amount it spends on green bonds.

Best wishes,
Thomas O'Neill

www.universalowner.org

A full history of my request and all correspondence is available on the Internet at this address: https://www.asktheeu.org/en/request/pand...

Access to documents,

Dear Mr O'Neill,

 

Thank you for your confirmatory application of 16 July, for access to
European Central Bank (ECB) documents.

In accordance with Decision ECB/2004/3 on public access to ECB documents,
as last amended, you will receive a reply within 20 working days.

 

Yours sincerely,

Compliance and Governance Office

DG Secretariat

European Central Bank

Sonnemannstrasse 20

60314 Frankfurt am Main

[email address]

 

Privacy notice: By submitting a request for access to documents, the ECB
collects information about you for the sole purpose of processing your
request in accordance with Decision ECB/2004/3 on public access to ECB
documents. All personal data are processed in accordance with EU Data
Protection Law (Regulation (EU) 2018/1725). The ECB is the controller for
the processing of the personal data. The recipients of the data will be
the ECB’s Compliance and Governance Office and, only when necessary, other
institutions within the European System of Central Banks, the Single
Supervisory Mechanism, or EU institutions.

You have the right to restrict processing and to access, rectify and under
certain conditions to request deletion of your stored personal data. You
can exercise your rights by contacting the ECB's Compliance and Governance
Office ([email address]) or the ECB’s Data Protection
Officer ([email address]).Furthermore, you have the right to address the
European Data Protection Supervisor (www.edps.europa.eu) any time
regarding this processing of your personal data.

 

 

 

________________________________________

From: Thomas O'Neill

Sent: Thursday, 16 July 2020 16:53:33 (UTC+01:00) Amsterdam, Berlin, Bern,
Rome, Stockholm, Vienna

To: [email address]

Subject: [EXT] Internal review of access to documents request - Pandemic
Emergency Purchase Programme (PEPP).

 

Dear European Central Bank,

 

Please pass this on to the ECB's Executive Board to reconsider its
position to refuse my request.

 

The central tenant of your refusal is that disclosure would "seriously
distort price discovery and compromise the integrity of the
market…(leading) market participants to draw inferences about the
Eurosystem holdings and adjust their own behaviour".

 

The focus of my complaint and retort relates to the inconsistency of ECB's
bond-buying program and the legislative ambition of the EU Green Deal.

 

Your own President, Christine Lagarde, said on July 8 2020: "Want to
explore every avenue available in order to combat climate change…climate
change actually has an impact on price stability…in order to tackle
climate change, because at the end of the day money talks"

 

Money does talk, and the ECB has since the pandemic bought the bonds of
Eni, OMV, Royal Dutch Shell, Total.  For the record, these are fossil fuel
companies that recapitalize themselves through the bond markets and
overwhelming invest in capital expenditure (CAPEX) related to new oil and
gas production.  This production is a key driver of climate change and all
new oil and CAPEX is inconsistent with the Paris Agreement and the EU
Green Deal.

 

Given we are on the verge of catastrophic climate change, I think the
citizens of the EU would be amazed if they understood that everyone is
paying for the EU to prop up some of the wealthiest oil and gas companies
in the name of "price stability".

 

Further, the argument in the refusal letters ignores Christine Lagarde own
expanded interpretation of price stability "if we fail to measure
externalities, if we fail to anticipate drought, if we fail to anticipate
variation in the prices of food, of energy, of services, then we are not
doing our job."  Clearly from your response, your "price stability"
interpretation is not incorporating the broader externalities of your bond
purchases.

 

The function of Government transparency is that institutions can be held
to account when they are not doing their job.  We need transparency here
to ensure the ECB banks is aligned with its own and the EU's commitments
on climate change.

 

To this end, I would like to revise and limit my request to: the ECB
disclosures the amount it spends on bonds issued by climate-relevant
companies.  That is, all companies involved directly or indirectly in the
release significant GHG emissions (i.e., in the following sectors:
aviation, cement, oil and gas, steel, mining, utilities).  Further, the
ECB should, for its own sake, be publishing the amount it spends on green
bonds.

 

Best wishes,

Thomas O'Neill

 

www.universalowner.org

 

A full history of my request and all correspondence is available on the
Internet at this address:
https://www.asktheeu.org/en/request/pand...

 

 

 

-------------------------------------------------------------------

Please use this email address for all replies to this request:

[FOI #7834 email]

 

This message and all replies from European Central Bank will be published
on the AsktheEU.org website. For more information see our dedicated page
for EU public officials at https://www.asktheeu.org/en/help/officers

 

Please note that in some cases publication of requests and responses will
be delayed.

 

-------------------------------------------------------------------

Any e-mail message from the European Central Bank (ECB) is sent in good
faith, but shall neither be binding nor construed as constituting a
commitment by the ECB except where provided for in a written agreement.
This e-mail is intended only for the use of the recipient(s) named above.
Any unauthorised disclosure, use or dissemination, either in whole or in
part, is prohibited. If you have received this e-mail in error, please
notify the sender immediately via e-mail and delete this e-mail from your
system. The ECB processes personal data in line with Regulation (EU)
2018/1725. In case of queries, please contact the ECB Data Protection
Officer ([email address]). You may also contact the European Data
Protection Supervisor.

Access to documents,

Dear Mr O'Neill,

 

Further to our e-mail of 21 July 2020, we would like to clarify the scope
of your “confirmatory” application.

 

In this regard, could you please confirm if your request is for data on:

(1)   total value of bonds issued by climate-relevant companies (aviation,
cement, oil and gas, steel, mining, utilities, etc.) that have been
purchased within the Pandemic Emergency Purchase Programme (PEPP); and

(2)   total value of bonds issued by environmentally friendly companies
that have been purchased within the PEPP.

 

If this is the case we would treat your application as a new initial
application.

 

Upon receipt of your confirmation, we will resume the assessment of the
request and you will receive a reply in accordance with Decision
ECB/2004/3 on public access to ECB documents.

 

Yours sincerely,

 

Compliance and Governance Office

DG Secretariat

European Central Bank

Sonnemannstrasse 20

60314 Frankfurt am Main

[1][email address]

 

From: Access to documents
Sent: 21 July 2020 09:30
To: Thomas O'Neill ([FOI #7834 email])
Subject: RE: [EXT] Acknowledgment of receipt of your confirmatory
application - Pandemic Emergency Purchase Programme (PEPP).

 

Dear Mr O'Neill,

 

Thank you for your confirmatory application of 16 July, for access to
European Central Bank (ECB) documents.

In accordance with Decision ECB/2004/3 on public access to ECB documents,
as last amended, you will receive a reply within 20 working days.

 

Yours sincerely,

Compliance and Governance Office

DG Secretariat

European Central Bank

Sonnemannstrasse 20

60314 Frankfurt am Main

[email address]

 

Privacy notice: By submitting a request for access to documents, the ECB
collects information about you for the sole purpose of processing your
request in accordance with Decision ECB/2004/3 on public access to ECB
documents. All personal data are processed in accordance with EU Data
Protection Law (Regulation (EU) 2018/1725). The ECB is the controller for
the processing of the personal data. The recipients of the data will be
the ECB’s Compliance and Governance Office and, only when necessary, other
institutions within the European System of Central Banks, the Single
Supervisory Mechanism, or EU institutions.

You have the right to restrict processing and to access, rectify and under
certain conditions to request deletion of your stored personal data. You
can exercise your rights by contacting the ECB's Compliance and Governance
Office ([email address]) or the ECB’s Data Protection
Officer ([email address]).Furthermore, you have the right to address the
European Data Protection Supervisor (www.edps.europa.eu) any time
regarding this processing of your personal data.

 

 

 

________________________________________

From: Thomas O'Neill

Sent: Thursday, 16 July 2020 16:53:33 (UTC+01:00) Amsterdam, Berlin, Bern,
Rome, Stockholm, Vienna

To: [email address]

Subject: [EXT] Internal review of access to documents request - Pandemic
Emergency Purchase Programme (PEPP).

 

Dear European Central Bank,

 

Please pass this on to the ECB's Executive Board to reconsider its
position to refuse my request.

 

The central tenant of your refusal is that disclosure would "seriously
distort price discovery and compromise the integrity of the
market…(leading) market participants to draw inferences about the
Eurosystem holdings and adjust their own behaviour".

 

The focus of my complaint and retort relates to the inconsistency of ECB's
bond-buying program and the legislative ambition of the EU Green Deal.

 

Your own President, Christine Lagarde, said on July 8 2020: "Want to
explore every avenue available in order to combat climate change…climate
change actually has an impact on price stability…in order to tackle
climate change, because at the end of the day money talks"

 

Money does talk, and the ECB has since the pandemic bought the bonds of
Eni, OMV, Royal Dutch Shell, Total.  For the record, these are fossil fuel
companies that recapitalize themselves through the bond markets and
overwhelming invest in capital expenditure (CAPEX) related to new oil and
gas production.  This production is a key driver of climate change and all
new oil and CAPEX is inconsistent with the Paris Agreement and the EU
Green Deal.

 

Given we are on the verge of catastrophic climate change, I think the
citizens of the EU would be amazed if they understood that everyone is
paying for the EU to prop up some of the wealthiest oil and gas companies
in the name of "price stability".

 

Further, the argument in the refusal letters ignores Christine Lagarde own
expanded interpretation of price stability "if we fail to measure
externalities, if we fail to anticipate drought, if we fail to anticipate
variation in the prices of food, of energy, of services, then we are not
doing our job."  Clearly from your response, your "price stability"
interpretation is not incorporating the broader externalities of your bond
purchases.

 

The function of Government transparency is that institutions can be held
to account when they are not doing their job.  We need transparency here
to ensure the ECB banks is aligned with its own and the EU's commitments
on climate change.

 

To this end, I would like to revise and limit my request to: the ECB
disclosures the amount it spends on bonds issued by climate-relevant
companies.  That is, all companies involved directly or indirectly in the
release significant GHG emissions (i.e., in the following sectors:
aviation, cement, oil and gas, steel, mining, utilities).  Further, the
ECB should, for its own sake, be publishing the amount it spends on green
bonds.

 

Best wishes,

Thomas O'Neill

 

www.universalowner.org

 

A full history of my request and all correspondence is available on the
Internet at this address:
https://www.asktheeu.org/en/request/pand...

 

 

 

-------------------------------------------------------------------

Please use this email address for all replies to this request:

[FOI #7834 email]

 

This message and all replies from European Central Bank will be published
on the AsktheEU.org website. For more information see our dedicated page
for EU public officials at https://www.asktheeu.org/en/help/officers

 

Please note that in some cases publication of requests and responses will
be delayed.

 

-------------------------------------------------------------------

Any e-mail message from the European Central Bank (ECB) is sent in good
faith, but shall neither be binding nor construed as constituting a
commitment by the ECB except where provided for in a written agreement.
This e-mail is intended only for the use of the recipient(s) named above.
Any unauthorised disclosure, use or dissemination, either in whole or in
part, is prohibited. If you have received this e-mail in error, please
notify the sender immediately via e-mail and delete this e-mail from your
system. The ECB processes personal data in line with Regulation (EU)
2018/1725. In case of queries, please contact the ECB Data Protection
Officer ([email address]). You may also contact the European Data
Protection Supervisor.

References

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We don't know whether the most recent response to this request contains information or not – if you are Thomas O'Neill please sign in and let everyone know.