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The  Governing Council of the European Central Bank (ECB), at its meeting of 7 May 2009, decided to purchase what are known as "covered bonds" ("Pfandbrief"-type fixed income instruments, according to the nomenclature of the General Documentation on instruments and procedures of the Eurosystem monetary policy) denominated in euros, as an unconventional measure of monetary policy aimed at reactivating and improving liquidity in this market.
Counterparties in credit transactions in the Eurosystem may participate in this programme, as well as those based in the euro area and used by the Eurosystem for the investment of its euro portfolio.
The acquisitions were initiated in July 2009 and will be completed at the end of June 2010.