Reuters reported on Wednesday that municipal debt was under consideration for inclusion in the program, citing unnamed ECB officials. These officials said that buying rebundled loans at risk of non-payment had been discussed in preparatory meetings, but that this was highly unlikely for now.
They also suggested that any cut to the deposit rate could be softened by offering a variable rate to banks, depending on how much money was placed with the ECB.
Some ECB policymakers are seen opposing the expansion of QE, with Sabine Lautenschlaeger, a German member of the bank's six-person executive board, publicly against such a move.
"I don't see any reason for further monetary policy measures, especially not for an extension of the (asset) purchase program," she said on Monday in Munich, according to Reuters.