ECB to start ABS scheme

The European Central Bank (ECB) published the legal act for purchases of asset-backed securities, setting it up to start buying the debt as soon as today.

The decision “shall enter into force on the day following its publication on the ECB’s website,” the Frankfurt-based central bank said yesterday.

That’s in line with comments from Executive Board member Yves Mersch, who has said the ECB will start buying ABS this week.