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.
30 June 2016
Market Notice: Sterling Monetary Framework: Indexed Long-Term Repo operations and Contingent Term Repo Facility
16 January 2014