been purchased in german debt securities, 356 billion euro in french debt securities and 310 billion euro in italian debt securities. the background is that the eurosystem is guided by a capital key allocation in terms of pspp book value amounts per country. by allocating purchases to each country in accordance with the ecb capital key, the eurosystem seeks to avoid the moral hazard that could arise as a result of purchasing a disproportionately large amount of bonds issued by highly indebted governments. if it is not possible to purchase the envisaged amount of bonds in a given country, the relevant national central bank conducts so - called substitute purchases, consisting of bonds issued by 1 / 4 bis central bankers'speeches international organisations and multilateral development banks located in the euro area. this is to ensure a smooth implementation of the national central banks ’ share of purchases throughout the life of the app. to this end, the governing council of the ecb has also adjusted the parameters of the pspp along the way. these adjustments include decisions to increase issue share limits from 25 per cent to 33 per cent ( september 2015 ) include bonds issued by regional and local governments located in the euro area ( december 2015 ) increase the issuer and issue share limit for eu supranational bonds from 33 per cent to 50 per cent ( march 2016 ) broaden the maturity range by decreasing the minimum remaining maturity for eligible securities from two years to one year ( december 2016 ) permit to the extent necessary purchases of securities with a yield to maturity below the ecb ’ s deposit facility rate ( december 2016 ) in october, the app was reviewed again by the ecb governing council in the regular crosscheck of economic and monetary conditions in the euro area. as a result, the governing council decided to recalibrate the app. from january 2018, net asset purchases under the app will be reduced from a monthly pace of 60 billion euro to 30 billion euro. the ecb governing council pointed out that this recalibration is due to improvements in the economic and monetary environment in the euro area. as far as alleged shortages are concerned, let me emphasise that, since the inception of the pspp, the bundesbank has never faced and does not face difficulties in purchasing the intended amounts of german government bonds on the secondary markets. 2. 2 minimising negative side - effects on market functioning but there is more to a smooth implementation of the pspp than just achieving the intended monthly

conditions and craft policy responses? hmda has three purposes. one purpose is to provide the public and government officials with data that will help show whether lenders are serving the housing needs of the neighborhoods and communities in which they are located. a second is to help government officials target public investment to promote private investment where it is needed. a third purpose is to provide data to assist in identifying possible discriminatory lending patterns and facilitate the enforcement of anti - discrimination laws, such as the equal credit opportunity act. today ’ s hearing is intended to serve as a venue to : discuss whether or not the 2002 revisions to regulation c provided useful and accurate information about the mortgage market ; gather information that will help assess the need for additional data elements or improvements ; and identify emerging issues in the mortgage market that may require additional research. as i said earlier, we are also interested in any comments on the implementation of the hmda elements of the regulatory reform legislation. we have gathered this morning an impressive array of panelists representing a spectrum of vantage points. we look forward to the comments of our panelists today and at the upcoming hearings in san francisco, chicago, and washington. this input, together with written comments submitted from the public, will be carefully considered as we consider changes to regulation c.