Draghi to announce plan for ECB bond-buying

Ireland will benefit from the ECB purchasing sovereign bonds, which the bank’s president Mario Draghi is expected to announce today.

Details of the purchase, leaked from Frankfurt, say it will engage in unlimited purchases of government debt, with no public cap on yields. Funds will be withdrawn from the system to avoid accusations of printing money.

Bloomberg quoting two ECB officials said the bank would purchase bonds with a maturity of up to three years but countries would first have to seek help from the EU’s rescue fund and agree to adhere to conditions.