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IRZ1 Lifted

The Bank of England has extended the TFSME, its term funding scheme that incentivizes banks to lend to smaller businesses. However, the Monetary Policy Committee did not change the scheme's conditions. The TFSME was extended by six months, with the drawdown period ending October 31 2021 rather than April 30 2021. There has been speculation that the Bank might chose to lower the TFSME rate, which is set at or just above the 0.1% Bank Rate depending on banks' lending, but the rate was left untouched and if it were to go below Bank Rate this would create technical problems.