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Reuters quoted five sources close to the matter, as saying that European Central Bank (ECB) policymakers are likely to make little changes in how and where to reinvest the proceeds of bonds that mature from January, as they try to keep edgy bond investors on side.

Key Points (via Reuters):

One of the sources said on condition of anonymity: “We don’t want to disrupt the bond market.”  

Another source added that the new capital key was always going to be “forward-looking” and therefore relevant only for fresh purchases.

A third argued that reinvestments should be gradually adapted so that, over time, the ECB’s stock of bonds also reflected the new shareholder base.