{
  "url": "https://openlegislation.uk/eu-decision-2020-441/introduction",
  "json_url": "https://openlegislation.uk/eu-decision-2020-441/introduction.json",
  "legislation": "eudn/2020/441",
  "legislation_title": "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)",
  "legislation_url": "https://openlegislation.uk/eu-decision-2020-441",
  "path": "introduction",
  "kind": "introduction",
  "number": null,
  "heading": "Introductory text",
  "text": "Decision (EU) 2020/441 of the European Central Bank\nof 24 March 2020\namending Decision (EU) 2016/948 of the European Central Bank on the implementation of the corporate sector purchase programme\n(ECB/2020/18)\nTHE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,\nHaving regard to the Treaty on the Functioning of the European Union, and in particular the first indent of Article 127(2) thereof,\nHaving regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular to the second subparagraph of Article 12.1 in conjunction with the first indent of Article 3.1, and Article 18.1 thereof,\nWhereas:\n(1)\nIn accordance with Article 18.1 of the Statute of the European System of Central Banks and of the European Central Bank, the European Central Bank (ECB), together with the national central banks of the Member States whose currency is the euro (hereinafter the ‘NCBs’) may operate in the financial markets by, among other things, buying and selling marketable instruments outright, in order to achieve the objectives of the European System of Central Banks.\n(2)\nDecision (EU) 2016/948 of the European Central Bank (ECB/2016/16) established a corporate sector purchase programme (CSPP). Alongside the third covered bond purchase programme, the asset-backed securities purchase programme and the secondary markets public sector asset purchase programme, the CSPP is part of the expanded asset purchase programme (APP) of the ECB. The APP aims to enhance the transmission of monetary policy, facilitate the provision of credit to the euro area economy, ease borrowing conditions for households and firms, and support the sustained convergence of inflation rates to levels below, but close to, 2% over the medium term, consistent with the ECB’s primary objective of maintaining price stability.\n(3)\nTaking into account the exceptional economic and financial circumstances associated with the spread of coronavirus disease 2019 (COVID-19), on 18 March 2020, the Governing Council decided to expand the range of eligible assets under the CSPP to non-financial commercial papers, making all commercial papers of sufficient credit quality eligible for purchase under CSPP.\n(4)\nTo react promptly to the current pandemic situation, this Decision should enter into force on the day following that of its publication in the Official Journal of the European Union.\n(5)\nTherefore, Decision (EU) 2016/948 (ECB/2016/16) should be amended accordingly,\nHAS ADOPTED THIS DECISION:",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "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)."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eudn/2020/441/introduction",
    "retrieved_at": "2026-11-01T15:12:20.369778+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."
}