ECB’s Nowotny: No possibility to expand corporate bond purchases

Additional comments crossing the wires from the ECB Governing Council member Nowotny are found below.

The fact interest rates on non-rated debt are close to those of government bonds gives me pause for thought.

Must avoid market distortions.

No possibility to expand corporate bond purchases.

Skeptical about corporate bond purchases because focused on very large companies.

Not sure overall effect on credit development have been taken into account.

Corporate bond purchase programme being carried out as planned.

Continuity in central banks' communication is necessary.

The central bank must make sure it is not behind the curve.