Today, Mario Draghi announced the long-awaited ECB ABS purchase program. The President of the ECB said that the Eurosystem would purchase a broad portfolio of simple and transparent asset-backed securities with underlying assets consisting of claims against the euro area non-financial private sector. The detailed modalities of this purchase program (together with those of a new covered bond purchase program) will be announced on or soon after October 2nd 2014. PCS warmly welcomes this confirmation of the strength and quality of high quality securitisations and the acknowledgement of the importance of this financing channel for the European economy. Much, of course, will depend on the actual size and, more crucially, the terms of the purchase program. In particular, whether it will target only senior tranches and how it will define high quality.