The BoE has put out a joint statement with......>

BOE: The BoE has put out a joint statement with the Treasury announcing the

details of the Covid Commercial Financing Facility (CCFF).

- The CCFF will purchase commercial paper of up to 1 year in maturity issued by

firms "making a material contribution to the UK economy" to help pay wages and

suppliers.

- Businesses do not need to have previously issued CP to participate but do need

to demonstrate they were in "sound financial health prior to the shock".

- The scheme will operate for at least 12 months.

- "The Fund, operated by the Bank, on behalf of HM Treasury, will purchase, at a

minimum spread over reference rates, newly issued CP in the primary market via

dealers and after issuance from eligible counterparties in the secondary

market."

- Purchases will be made each day and funded by central bank reserves.

- Further details Monday 23rd March.