Bank of England Funds - No Bids
by Wenonah Lyon
Story link: Bank of England Funds - No Bids
In an attempt to provide greater liquidity in the financial markets, the Bank of England conducted an auction of £10 billion in funds.
These fund matured after three months and were provided against a greater range of collateral than usually provided by the Bank of England.
The funds were available at a more expensive rate than that offered by inter-bank loans.
Banks’ refusal to accept the Bank of England’s offer suggests measures taken by the Bank have been successful and emergency funding is unnecessary.
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