As the central banks in Europe try to bonds, banks might just be reluctant to sell. These Bonds may just be so less risky that capital costs of keeping then the books of respective bank is lower. A shift in the portfolio might enhance risk premium.
"system's expanded asset purchase programme announced on 22 January 2015, which consists of combined monthly purchases of EUR 60 bn. in public and private sector securities, purchases under the public sector purchase programme (PSPP) of marketable debt instruments issued by euro area central governments, certain agencies located in the euro area or certain international or supranational institutions (referred to in legal texts as "international organisations and multilateral development banks") located in the euro area will start on 9 March 2015 " Without any risk or responsibility
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