Mr. Feargal Ó Brolcháin:

The securities markets programme was discontinued when OMT was announced. In that sense it could be seen as a precursor. The securities market programme was announced by the ECB in 2010. The aim was to address tensions in certain market segments which it considered were hampering monetary policy transmission mechanisms. Under the programme, euro area national central banks and the ECB could conduct interventions in the euro area public and private debt securities markets. It began in May 2010 and the last purchases took place in February 2012.

The programme was formally terminated in September 2012.