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Home > Markets and Payments > Term Funding Scheme – Applications to Participate
 

Term Funding Scheme – Applications to Participate

Eligible banks and building societies can apply to take part in the Term Funding Scheme (TFS) from 22 August 2016.

To be eligible to apply, a firm must be signed up for the Discount Window Facility (DWF), which is part of the Bank's Sterling Monetary Framework (SMF). 

Institutions which are new to the SMF can find further information on the Bank’s facilities in the Red Book. Please see Applications to Participate in the SMF for more information on Eligibility Criteria for the SMF and details on how to apply.

Applying for the Term Funding Scheme

Each applicant for the TFS should complete the following application form:


TFS application form

The authorised signatory evidence form, included as part of this application form, is also available as a separate template:
 
 
Please note that the Bank requires evidence of the delegated authority of the individual(s) signing off these forms. Guidance on the evidence required to support the authorised signatory evidence form can be found in the following link:

Guidance for the authorised signatory evidence form

At the end of the application process, a TFS Scheme Letter will be provided to the applicant, which must be signed by an authorised signatory and returned to the Bank. 
 
 

Further Documentation

UK branches of banks incorporated overseas will be required to provide a legal capacity opinion on their TFS Scheme Letter, and may also be asked to provide a country opinion.  The pro forma opinions are available below:-
 
Pro forma legal opinion (capacity issues only)

Pro forma legal opinion (country and capacity issues)

If the applicant is not the primary entity in its group, a guarantee and (for guarantors incorporated outside the UK) an associated legal opinion may be required. These must follow standard pro-forma, available below:

Pro forma guarantee 
Pro forma legal opinion on the guarantee 

Further information

A guide to loan collateral pre-positioning is available on request.

Please note that details of participation in the TFS will be published on the Bank’s website, as outlined in the Market Notice.
 
For all enquiries, please email applications@bankofengland.co.uk.
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