As of 18 June 2012, the ECB in total had spent €212.1bn (equal to 2.2% of the Eurozone GDP) for bond purchases covering outright debt, as part of its Securities Markets Programme (SMP) running since May 2010. On 6 September 2012, the ECB announced a new plan for buying bonds from eurozone countries. The duration of the previous SMP was temporary, while the Outright Monetary Transactions (OMT) programme has no ex-ante time or size limit. On 4 September 2014, the bank went further by announcing it would buy bonds and other debt instruments primarily from banks in a bid to boost the availability of credit for businesses.

By 2012, how much did the ECB spend in covering bad debt?