Following the November Governing Council policy meeting, the ECB highlighted upfront in its introductory statement to the press conference that its asset purchase programmes (for asset-backed securities (ABSPP) and covered bonds (CBPP3)), together with the series of targeted longer-term refinancing operations (TLTROs), will have a sizable effect on the ECB balance sheet, which is expected to move towards the dimensions it had at the beginning of 2012.
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