The regular monthly market-wide Indexed Long-Term Repo (ILTR) auctions are aimed at banks 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. Each operation offers a pre-announced fixed quantity at a single maturity. Normally, the Bank will conduct two operations with a three-month maturity and one operation with a six-month maturity in each calendar quarter. Participants are able to borrow against two sets of collateral: Level A Collateral
(182KB)Level B Collateral
(126KB) From 2014, the ILTR will be extended to provide 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 - Chapter VIII - Indexed Long-Term Repo (112KB)
The paper below contains a worked example of how funds in an indexed long-term repo might be allocated:
Indexed Long-Term Repo allocation: worked example (94KB)
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.
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