Further Governing Council announcements relating to asset purchase programs (APPs) Sample Clauses

Further Governing Council announcements relating to asset purchase programs (APPs). In accordance with (inter alia) the GC announcements on 4 June and 10 December 2020 and on 11 March and 22 April 2021, net purchases under the APP continue at a monthly pace of 20 billion euros, expecting monthly net asset purchases to run for as long as necessary to reinforce the accommodative impact of its policy rates and to end shortly before it starts raising the key ECB interest rates. Reinvestments of the principal payments from maturing securities purchased under the APP will continue, in full, for an extended period of time, past the date when the GC starts raising the key ECB interest rates. In any case, they will continue for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation.57 55 Decision (EU) 2020/187, Article 3 (3), as amended by Decision 2020/1688, Article 1. 56 Decision (EU) 2020/441 of the European Central Bank of 24 March 2020 amending Decision (EU) 2016/948 of the European Central Bank on the implementation of the corporate sector purchase programme (ECB/2020/18) OJ L 91/5. 57 See ECB, ‘Monetary policy decisions’ (Press Release, 10 December 2020) para (6), xxx.xxxxxx.xx/xxxxx/xx/xxxx/0000/xxxx/xxx.xx000000~0x0000x 843.en.html; ECB, ‘Monetary policy decisions’ (Press Release, 11 March 2021) para (4), xxx.xxxxxx.xx/xxxxx/xx/xxxx/0000/xxxx/xxx.xx000000~00xx 71f535.en.html; and ECB (n 53) para 5. The amounts of securities of euro area residents denominated in euro held by the Eurosystem significantly increased again since the onset of the pandemic crisis (from 2.85 trillion euros in December 2019 to 4.3 trillion euros in May 202158). Overall, the Eurosystem’s consolidated balance sheet (further) increased from 4.67 trillion euros in December 2019 (4.14 trillion in April 2017) to 7.65 trillion euros in May 2021.
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