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.

Eesti Pank holdings under the PSPP programme (in euro million)
  Monthly net purchases* of which Elering  Cumulative monthly net purchases Quarter-end amortisation adjustment Holdings** at month-end of which Elering***
March 2015 117 0 117 0 117 0
April 2015 119 0 236 0 236 0
May 2015 130 0 366 0 366 0
June 2015 129 5 495 -1 494 5
July 2015 132 15 627 0 626 19
August 2015 100 10 727 0 726 30
September 2015 128 8 855 -2 852 37
October 2015 134 3 989 0 985 41
November 2015 138 7 1 126 0 1 123 48
December 2015 110 0 1236 -4 1228 47
January 2016 130 6 1366 0 1358 53
February 2016 134 7 1500 0 1492 59
March 2016 133 0 1633 -6 1619 59
April 2016 207 5 1839 0 1826 64
May 2016 209 0 2049 0 2035 64
June 2016 206 - 2255 -8 2233

63

July 2016 185 - 2439 0 2418 63
August 2016 134 - 2573 0 2552 63
September 2016 184 - 2757 -10 2726 62
October 2016 192 - 2950 0 2919 62
November 2016 185 - 3134 0 3103 62
December 2016 125 - 3260 -11 3217 62
January 2017 203 - 3463 0 3420 62
February 2017 185 - 3647 0 3605 62
March 2017 187 - 3835 -13 3780 61
April 2017 154 - 3988 0 3933 61
May 2017 146 - 4134 0 4079 61
June 2017 149 - 4283 -14 4214 60
July 2017 149 - 4433 0 4364 60
August 2017 125 - 4557 0 4488 60
September 2017 129 - 4687 -14 4604 60


* 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