cumulative net purchasesmeans the sum of net purchases since the start of the respective purchase programme.
Eurosystem central bankmeans the ECB and the national central banks of the Member States whose currency is the euro (hereinafter the 'NCBs');
international organisationmeans an entity within the meaning of Article 118 of Regulation (EU) No 575/2013 of the European Parliament and of the Council and that the Eurosystem has classified as such for the purpose of the PSPP;
multilateral development bankmeans an entity within the meaning of Article 117(2) of Regulation (EU) No 575/2013 and that the Eurosystem has classified as such for the purpose of the PSPP;
net purchasesmeans purchases of eligible marketable debt securities in a given month, net of redemption amounts from maturing securities purchased under the APP within that month;
positive outcome of a reviewmeans the later of the following two decisions: the decision by the Board of Directors of the European Stability Mechanism and, in case the International Monetary Fund co-finances the financial assistance programme, the Executive Board of the International Monetary Fund to approve the next disbursement under that programme, on the understanding that both decisions are necessary for the resumption of purchases under the PSPP;
recognised agencymeans an entity that the Eurosystem has classified as such;
stockmeans the sum of the book value, at the time of purchase, of all purchases made in marketable debt securities, taking into account redemptions of maturing principal that have occurred;