The Bank of England plans three additional measures to support financial markets as its emergency-bond buying operations wind down for Friday.
The Bank of England said Monday it will implement additional measures “to support an orderly end” to its emergency bond-buying plans announced last month, aimed at preventing a financial crisis in the U.K.
As the bank previously announced, its emergency intervention will end on Friday Oct. 14. In the first of three measures, the BoE said it is prepared to boost the size of its daily auctions to “ensure there is sufficient capacity for gilt purchases” ahead of Friday. The central bank said it has carried out eight daily auctions, offering to buy up to £40 billion , and has purchased around £ 5 billion worth of bonds.
In a second measure, the BoE plans to launch a Temporary Expanded Collateral Repo Facility , which will offer banks the option of easing liquidiy pressures for clients’ liability-driven investments through liquidity insurance operations, which will run beyond the end of this week. Finally, the BoE said it stands ready to support liquidty pressures facing LDI funds via regular indexed long-term repo operations.
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