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MNI BRIEF: BOE Bailey Backs Lasting Non-Bank Liquidity Schemes

Governor Andrew Bailey speaks on BOE non-bank liquidity schemes.
Bank of EnglandGlobalCentral Bank NewsPolicy NewsCEEMEABriefUKStoryRegion

MNI (LONDON) - Bank of England Governor Andrew Bailey made the case for central banks to create permanent liquidity facilties for non-banks to reduce financial stability risks but he argued that the central bank should have control over when to trigger them, differentiating them from the standing facilities offered to banks. Bailey, in a speech at a Bloomberg event in Washington, made no comment on monetary policy. 

"Central banks should consider permanent emergency facilities for non-banks. But these should not be standing facilities ...the central bank can trigger or activate these facilities if it senses stressed conditions," he said, adding that the BOE is currently implementing such facilities for a range of non-banks which could pose systemic risks. 

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MNI (LONDON) - Bank of England Governor Andrew Bailey made the case for central banks to create permanent liquidity facilties for non-banks to reduce financial stability risks but he argued that the central bank should have control over when to trigger them, differentiating them from the standing facilities offered to banks. Bailey, in a speech at a Bloomberg event in Washington, made no comment on monetary policy. 

"Central banks should consider permanent emergency facilities for non-banks. But these should not be standing facilities ...the central bank can trigger or activate these facilities if it senses stressed conditions," he said, adding that the BOE is currently implementing such facilities for a range of non-banks which could pose systemic risks. 

Keep reading...Show less