ECB's Schnabel says new bond purchases 'till far away'

ECB board member Isabel Schnabel says new bond purchases are "still far away" as the bank needs to work off more of the bonds it bought over a decade of easy policy. Schnabel said the ECB will resume lending long-term liquidity to banks before buying new bonds, and that purchases will focus on short-term bonds to protect the bank from further losses if interest rates rise.