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Appendix 3 – Non-standard measures 
Since the onset of the financial crisis, the European Central Bank has reacted by announcing and 
implementing a series of non-standard monetary policy measures. The table below presents the 
main announcements used in the analysis. 
Table A.3.1 Non-standard monetary policies 
Note: CBPP=Covered Bond Purchase Programme; OMT=Outright Monetary Transactions programme; 
TLTRO=Targeted Longer-Term Refinancing Operations; NIR=Negative Interest Rate policy; APP=Asset Purchase 
Programme.
CSPP= Corporate Sector Purchase Programme. 
Date
Type
Announcement
26/07/2012
OMT
“Whatever it takes” speech by ECB President Mario Draghi in London
02/08/2012
OMT
Outright Monetary Transactions programme (OMT)
06/09/2012
OMT
Technical features of OMT
08/05/2014
TLTRO
President of the ECB explicitly stated during the press conference that the 
Governing Council was willing to act in the following month
05/06/2014
TLTRO, NIR
Targeted longer-term refinancing operations (TLTROs); DFR=-10bps 
(10bps cut)
03/07/2014
TLTRO
Announcement of TLTROs 
04/09/2014 ABSPP , CBPP3 , NIR, APP Announcement of ABSPP, CBPP3; DFR=-20bps (10bps cut)
22/01/2015
APP
Announcement of APP1 (combined monthly purchases of €60 billion 
(CBPP, ABSPP, PSPP). Intended purchases: €1.14 trillion (The Governing 
Council also decided to modify the interest rate applicable to future 
TLTRO eliminating the 10bps spread over the MRO)
05/03/2015
APP
APP details
09/03/2015
APP
APP first operation 
03/12/2015
APP, NIR
APP extended until March 2017, reinvestment of principal payments, 
inclusion of debt instruments issued by regional and local governments; 
DFR=-30bps (10bps cut, MRO and MLF unchanged)
04/12/2015
APP speech
Speech by ECB President Mario Draghi, Economic Club of New York, 4 
December 2015
10/03/2016
APP, TLTRO, CSPP, NIR
APP (monthly purchases expanded to €80 billion), TLTRO2, CBPSPP 
investment-grade euro-denominated bonds issued by non-bank 
corporations); DFR=-40bps (10bps cut)
08/12/2016
APP
APP extended until December 2017; €60bn, DFR floor constraint dropped