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Home > Markets and Payments > The Red Book

The Red Book

The framework for the Bank's operations in the sterling money markets is set out in the Bank's 'Red Book':

The Bank of England's Sterling Monetary Framework (the 'Red Book')
Last updated June 2015

The Red Book is structured in two parts. The first sets out the rationale behind the framework and how it fits together. The second part explains the elements in operation currently.

Part 1 - The aims and objectives of the Sterling Monetary Framework
Part 2 - The operations currently used in the Sterling Monetary Framework

The different facilities set out in the second part can also be viewed individually:

The Reserves Scheme
Operational Standing Facilities 
Quantitative Easing
Indexed Long-Term Repo
Discount Window Facility
Contingent Term Repo Facility

The Red Book will periodically be updated to reflect changes to the Bank's operations.
Previous versions can be found below.

The January 2014 Red Book
Reflecting the launch of the new ILTR
The October 2013 Red Book
Reflecting developments in the Bank’s approach to liquidity insurance
The January 2008 Red Book
Reflecting the introduction of Gilt OMO purchases
The May 2006 Red Book
Reflecting the introduction of reserves averaging
The May 2002 Red Book
Reflecting the regime in place pre-reserves averaging 

Full details of the operations undertaken in the Sterling Monetary Framework can be found in the SMF Documentation.