(Corrects in para 3 to say "deflationary" (not "disinflationary")
BUDAPEST, Feb 2 (Reuters) - The first indications of impact from the ECB's new bond-buying programme should be felt by summer, European Central Bank Governing Council member Ewald Nowotny said on Monday.
"We start this new programme March 1 and it's very difficult to foresee but I think til summer we should get the first indications, because the first things to be looked at will be the volume of bonds offered to the ECB either by the banks or by other investors," he told reporters on the sidelines of a conference in Budapest.
Nowotny said that while there will be some "deflationary impulses" in the first half of 2015, he does not foresee deflation for the year. He declined comment on extending emergency liquidity funding for Greek banks. "This is something where we have very close interlinkages with political events and we will follow our rules," he added. (Reporting by Krisztina Than, Editing by Michael Shields)