ECB's Draghi gives details of ABS and covered bond purchase programs

FXStreet (Łódź) - At the press conference following ECB's announcement that it will remain on hold in October ECB president Mario Draghi says that the details of the ABS and covered bond purchases have been discussed at the meeting.

• The programs will last at least 2 years.

• Purchases of covered bonds will start in mid-October.

• ABS will be bought from Q4 2014.

• Purchases are expected to have a sizable impact on the balance sheet.

• They will generate positive spillovers to other markets.

• They will reinforce fact of significant and increasing differences in the monetary policy cycle between major advanced economies.