The expanded asset purchase programme (APP) includes all purchase programmes under which private sector securities and public sector securities are purchased to address the risks of a too prolonged period of low inflation. It consists of the:

• third covered bond purchase programme (CBPP3)
• asset-backed securities purchase programme (ABSPP)
• public sector purchase programme (PSPP)
• corporate sector purchase programme (CSPP)

Monthly net purchases in public and private sector securities amount to €60 billion on average. They are intended to be carried out until the end of 2017 and in any case until the Governing Council sees a sustained adjustment in the path of inflation that is consistent with its aim of achieving inflation rates below, but close to, 2% over the medium term. From April 2016 until March 2017 the average monthly pace was €80 billion while from March 2015 until March 2016 the average monthly pace was €60 billion.