The regular monthly market-wide Indexed Long-Term Repo (ILTR) operations are aimed at banks, building societies and broker-dealers with a predictable need for liquid assets.
The Bank offers funds via an indexed long-term repo operation once each calendar month, usually on a Tuesday mid-month. Normally, the Bank offers funds with a six-month maturity. Participants are able to borrow against three collateral sets: Levels A, B and C.
Level A Collateral Level B Collateral
The ILTR provides consistent six-month committed liquidity, at cheaper (auction-determined) rates, and against the full range of eligible SMF collateral.
The operation of indexed long-term repos is set out in more detail in the Red Book:Red Book - Indexed Long-Term Repo
Counterparties participate in indexed long-term repo OMOs electronically via Btender, the Bank's electronic tendering system.
Indexed Long-Term Repo OMOs
The main SMF Documentation sets out how these operations work. Its provisions may be amended by the Bank from time to time by Market Notices.
7 March 2016
Market Notice: Sterling Monetary Framework: Indexed Long-Term Repo operations and Contingent Term Repo Facility
16 January 2014