(2)The CBPP3 was established by Decision ECB/2014/40 of the European Central Banknote, which was recast in Decision (EU) 2020/187 of the European Central Bank (ECB/2020/8)note. It contains a number of safeguards to ensure that the purchases and holding of covered bonds will be proportionate to its aims. These safeguards should also ensure that related financial risks are taken into account in the design of the CBPP3, and therefore also the PEPP, and should reflect risk management perspectives.