The central banks of the euro area are buying some 50 billion euros of private-sector bonds each month under the asset-purchase programmes, and Eesti Pank’s share of this is around 120 million euros. Purchases started in March 2015, and from June 2015 Eesti Pank received a special exemption allowing it to buy the bonds of Elering, a state-owned company.


* The monthly purchase volumes are reported net of redemtions
** At amortized cost    
*** Since June 2016, Eesti Pank has stopped buying bonds issued by Elering, but since June this year, the Finnish central bank has bought the bonds of Elering and Eesti Energia on behalf of the central banks of the euro area.

From June 2015 to May 2016, Eesti Pank had a special exemption allowing it to buy the bonds of the state-owned transmission system operator Elering. From June 2016 the central banks of the euro area have been able to buy corporate bonds as part of the asset purchase programme. In Estonia this means that central banks are now able to buy the bonds issued by Elering and Eesti Energia. Six euro area central banks that specialise in this class of assets have bought the bonds of the two companies, the central banks being those from Belgium, Germany, Spain, France, Italy and Finland. The Finnish central bank buys bonds issued by Estonian companies that meet the quality requirements, these currently being Elering and Eesti Energia. The Finnish central bank has been buying the bonds of the two companies since June, but the euro area central banks do not publish a breakdown of their bond purchases by company. The income and risks from the purchases of corporate bonds are shared between all the central banks of the euro area using the capital key of the European Central Bank, which gives Eesti Pank a share of 0.274%. The financial risks of the Elering bonds that Eesti Pank bought earlier as an exception are borne by Eesti Pank alone.

See also: PSPP securities lending