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Under the European Central Bank's QE program, which started in March 2015 (and will likely be extended beyond its scheduled end in March 2017), eurozone members' central banks buy private market securities for 1.74 trillion euros ($1.84 trillion), with more than 1.4 trillion euros to be used to purchase their own countries' government debt.To this end, it asks other eurozone members' central banks, particularly the German Bundesbank and, in some cases, the Dutch central bank, to credit the payment orders to the German and Dutch bond sellers.Thus, the German Bundesbank and the Dutch central bank must credit not only the direct payment orders from Spain, but also the indirect orders resulting from the Banca de Espana's repurchases in third countries.The payment order credits granted by the Bundesbank and the Dutch central bank are recorded as Target claims against the euro system. At the end of September, these claims amounted to 819.4 billion euros, with the Bundesbank accounting for 715.7 billion euros, which was 46 percent of Germany's net external assets at midyear.
End of European Central Bank restraint
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