FRANKFURT (Reuters) - Nearly 130 billion euros (£114.8 billion) worth of bonds held by the European Central Bank will expire over the next year, ECB data showed on Monday, providing a key part of the bank's policy accommodation as the cash gets reinvested in the market.
Maturities in the 12 months from November will average 10.8 billion euros, less than analyst expectations of around 15 billion euros, with big fluctuations expected between months, the data released for the first time showed.
The ECB agreed last month to begin publishing data on bond redemptions as reinvestments are expected to play an increasing role for its policy support, particularly from next year, when monthly purchases are halved to 30 billion euros per month.
Redemptions, part of the ECB's 2.55 trillion euro bond purchase programme, will peak in April, when they hit 24.3 billion euros, while the lowest monthly total will be in August, when they drop to 2 billion euros.
The vast majority of redemptions -- 101.5 billion euros -- will be in the public sector purchase programme, which is dominated by government bonds, while 18 billion euros worth of covered bonds and 7 billion euros of asset backed securities, are also due to mature.
Cash maturing from government bonds will be reinvested within two months in the same country as the original bond, provided that market conditions allow, the ECB said earlier.
ECB data also showed that redemptions have been relatively minor this autumn with the public sector maturities totalling 22.7 billion euros until the end of October.
Overall redemptions in November will total 3.1 billion euros with 2.2 billion of that coming in the public sector.
(Reporting by Balazs Koranyi; Editing by Robin Pomeroy and Emelia Sithole-Matarise)