Wash the anchovy fillets and drain well. Also drain capers. Wash thyme, dab dry and chop finely. Peel garlic and press it through the garlic press. Crumble the bay leaf and crush it together with the peppercorns in a mortar.
Finely chop olives and capers in a universal chopper. Add garlic, anchovy fillets, spice mixture and thyme up to half a teaspoon. Chop again. Then gradually stir in as much olive oil until a homogeneous, creamy paste is obtained. Place in a small bowl and garnish with olives and thyme as desired
Preparation time approx. 20-25 minutes