Sterling Monetary Framework
Applications to Participate

This page contains all the relevant documentation for becoming a participant in the Bank's Sterling Monetary Framework. For more information on whether an institution is eligible become a participant see Eligibility to participate.

SMF Application Form and Forms 1, 2 and 3

Each applicant for SMF Facilities should complete the following:

In addition each applicant should provide a list of authorised signatories. This should set out clearly the delegated authorities attaching to each signatory, along with clear evidence that the authorities granted were themselves assigned under proper authority (a Board Resolution or similar).

Additional Information required for Discount Window Facility

In addition each DWF applicant should complete the following:

SMF Admission Letter

If the Bank decides to admit the applicant as a participant it will send an Admission Letter, which should be signed by the applicant and returned. A pro-forma Admission Letter is linked here:

Further Documentation

The Bank may require provision of a capacity opinion or a capacity and country opinion in connection with the application. Pro-forma opinions are linked here:

If the applicant is not the primary entity in its group, the Bank may require a guarantee and an associated legal opinion to be provided. A pro-forma guarantee and associated legal opinion are linked here:

In addition, once an initial application to the Reserves scheme has been agreed in principle, applicants will be required to complete the RTGS Account Mandate. The Bank will advise when this is required.

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