ECB Holdings of Peripheral Sovereign Bonds under the SMP

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The SMP data have been released – here.  ECB holds euro 14.2 billion of Irish bonds (at face value).

6 Responses to “ECB Holdings of Peripheral Sovereign Bonds under the SMP”

  1. Fiatluxjnr Says:

    Italy at 102b is a bit of an eye opener. Good to see they will make over half a billion from us if they hold on for about four years. Will they give the profits back?

  2. David O'Donnell Says:

    Modest enough compared to the Trillion tossed ~0 to the FINANZSYSTEM.

  3. colm mccarthy Says:


    No. The profits go into the ECB surplus, get distributed to the NCBs according to the capital key and the NCBs then remit to their governments. The Irish NCB gives 80% of its surplus annually to the govt.

  4. Carson Says:

    That is apart from Greece I believe which will get the profit returned directly to its exchequer as part of its latest bailout deal.

  5. Bryan G Says:


    Even in the case of Greece, the money is first distributed to the NCBs, who then give it to their governments. These governments then give it to Greece. This was a Eurogroup decision. Structured this way, no mortal sins of monetary financing are being committed.

  6. Bryan G Says:

    To give a fuller picture of this

    - there are two categories of official sovereign debt holdings – those held by the ECB/NCBs on behalf of the Eurosystem itself (SMP) and those held by individual NCBs for their own account (ANFA)

    - there are two ways in which a country can benefit – return of profits (coupons, principal over discounted purchase price) and guaranteed rollover (reduces future capital market issuance needs)

    I think there are thus at least 4 different ways Ireland could attempt to gain here from a “deal” on OSI holdings

    - return of SMP profits
    - rollover of SMP holdings (into OMT, since SMP has been ended)
    - return of ANFA profits
    - rollover of ANFA holdings

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