{
  "url": "https://openlegislation.uk/eu-decision-2020-440/article-1",
  "json_url": "https://openlegislation.uk/eu-decision-2020-440/article-1.json",
  "legislation": "eudn/2020/440",
  "legislation_title": "Decision (EU) 2020/440 of the European Central Bank of 24 March 2020 on a temporary pandemic emergency purchase programme (ECB/2020/17)",
  "legislation_url": "https://openlegislation.uk/eu-decision-2020-440",
  "path": "article/1",
  "kind": "article",
  "number": "1",
  "heading": "Establishment and scope of the PEPP",
  "text": "1. The Eurosystem hereby establishes the temporary pandemic emergency purchase programme ( ‘ PEPP ’ ) as a separate purchase programme. The overall envelope of the PEPP is EUR 1 350 billion. The maturing principal payments from securities purchased under the PEPP shall be reinvested by purchasing eligible marketable debt securities until at least the end of 2022. In any case, the future roll-off of the PEPP portfolio shall be managed in such a way as to avoid interference with the appropriate monetary stance.\n2. Under the PEPP the Eurosystem central banks shall, except as explicitly provided otherwise in this Decision, purchase:\n(a) eligible marketable debt securities within the meaning of, and in accordance with, the provisions of Decision (EU) 2020/188 of the European Central Bank (ECB/2020/9);\n(b) eligible corporate bonds and other marketable debt instruments within the meaning of, and in accordance with, the provisions of Decision (EU) 2016/948 of the European Central Bank (ECB/2016/16);\n(c) eligible covered bonds within the meaning of, and in accordance with, the provisions of Decision (EU) 2020/187 of the European Central Bank (ECB/2020/8);\n(d) eligible asset-backed securities (ABS) within the meaning of, and in accordance with, the provisions of Decision (EU) 2015/5 of the European Central Bank (ECB/2014/45).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Substituted by Decision (EU) 2020/1143 of the European Central Bank of 28 July 2020 amending Decision (EU) 2020/440 on a temporary pandemic emergency purchase programme (ECB/2020/36)."
    },
    {
      "type": "footnote",
      "label": "f1",
      "text": "Decision (EU) 2016/948 of the European Central Bank of 1 June 2016 on the implementation of the corporate sector purchase programme (ECB/2016/16) (OJ L 157, 15.6.2016, p. 28)."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "Decision (EU) 2020/187 of the European Central Bank of 3 February 2020 on the implementation of the third covered bond purchase programme (ECB/2020/8),(OJ L 39, 12.2.2020, p. 6)."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "Decision (EU) 2015/5 of the European Central Bank of 19 November 2014 on the implementation of the asset-backed securities purchase programme (ECB/2014/45) (OJ L 1, 6.1.2015, p. 4)."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eudn/2020/440/article/1",
    "retrieved_at": "2026-11-01T15:12:20.390842+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}