The European Central Bank (ECB) confirmed that BlackRock has been hired as an advisor to develop a programme in order to purchase asset backed securities (ABS).
Mario Draghi highlighted in June that he ECB will intensify preparatory work for purchases of European non-financial ABS in the European non financial sector, in a bid to revive the Eurozone economy.
BlackRock will provide advice on the design of and realisation of ABS purchases, while the ECB governing council will be in charge of execution, Bloomberg revealed.
With a combined AUM of $4trn (€3.47trn), BlackRock is a significant investor in European ABS. The ECB highlighted that the contract with BlackRock foresees a separation of projects for the ECB and other ABS purchases.