FXStreet (Mumbai) - The European Central Bank (ECB) announced on Wednesday that the Governing Council has decided to adjust the purchase process in its bond-buying program and increase the proportion of purchases by national central banks rather than external managers in its quantitative easing (QE) program launched in March this year.
Starting on October 27, the Bank of France and the National Bank of Belgium will act as Eurosystem asset managers executing purchases, the ECB stated, and the contracts of two of its current external executing asset managers will be extended.
In a press release, ECB noted, "The executing asset managers will continue to conduct eligible ABS purchase transactions on explicit instructions from, and on behalf of the Eurosystem. The Eurosystem will maintain its role in undertaking price checks and due diligence prior to approving transactions."
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