US, WASHINGTON (ORDO NEWS) — The European Central Bank intends to become the main buyer of commercial papers when it enters the market this week, said the head of the Bank of France, François Villeroy de Galle, in an interview with the French site Wansquare.
The ECB’s latest package of anti-crisis measures provides the regulator with the opportunity to buy securities for the first time with a maturity of less than six months, up to debts with repayment after one month.
“We intend to be an efficient, fair and significant player in the commercial paper market starting this week in order to regain confidence,” Villierua said in an interview with Wansquare.
“In this way, others will be motivated to return quickly,” he added.
According to him, the ECB intends to buy non-bank corporate commercial papers in both the secondary and primary markets, with the exception of public companies.
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