The Bank of England invests part of its share capital and reserves, together with cash ratio deposits placed by UK-resident banks, in a bond portfolio.

It comprises gilts and other high-quality sterling-denominated assets. The Bank typically makes monthly purchases for this portfolio.

The portfolio is managed transparently, as set out here:

• Pre-purchase. At 3pm on the first working day of each quarter of the Bank's financial year (March, June, September, December), the Bank announces the precise dates of planned purchases in the following three months, together with details of the securities to be purchased and the amounts. Screen announcements are made on the Bank's page BOE/MARKETS1.
• Post-purchase. The details of the securities and amounts purchased are confirmed ex post in the subsequent Bank of England Quarterly Bulletin.

Securities purchased by the Bank for this investment portfolio are normally held to maturity.  Sales may nevertheless be made from time to time, reflecting for example risk management, liquidity management or changes in investment policy.