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Home > Markets > Indexed Long-Term Repo Open Market Operations

Indexed Long-Term Repo Open Market Operations

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

A Quarterly Bulletin 2015 Q2 article which outlines the allocation mechanism used in the ILTR can be found below.

Innovations in the Bank’s provision of liquidity insurance via Indexed Long-Term Repo operations
The paper below illustrates the process underlying the Bank’s ILTR operations:

Indexed Long-Term Repo: example of the auction process 

Counterparties participate in indexed long-term repo OMOs electronically via Btender, the Bank's electronic tendering system.


Indexed Long-Term Repo OMOs

Market Notices

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.

Market Notice: Sterling Monetary Framework: Indexed Long-Term Repo operations and Contingent Term Repo Facility
16 January 2014