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BOE and BIS set up sterling liquidity facility

BOE
  • "The Bank of England (BoE) has entered into a facility with the Bank for International Settlements (BIS) to ensure the provision of Sterling liquidity during any future periods of market stress, complementing the BoE's existing established network of standing bilateral swap lines."
  • "Under the terms of the facility, the BoE will provide collateralised short-term Sterling liquidity to the BIS. The BIS may use the facility to provide Sterling liquidity to their eligible existing central bank customers."
  • "Together with the swap lines the BoE has with a number of central banks, this new facility will provide a further liquidity backstop in Sterling to help ease any potential future strains in funding markets."
Not hugely significant for the market but basically means that the BIS takes on credit risk of providing sterling liquidity to central banks the BOE doesn't have a direct agreement with.
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