News Release
Bank of England Euro Bills

07 September 1999

1.The Bank of England today announced the issue of h1,000 million nominal of Bank of England Euro Bills, for auction on a bid-yield basis on Tuesday, 14 September 1999 in the following maturities:

h200 million for maturity on 14 October 1999,
h500 million for maturity on 16 December 1999 and
h300 million for maturity on 16 March 2000.

2.An additional h50 million nominal of six-month Bills, maturing on 16 March 2000, will be allotted directly to the Bank of England. A copy of the auction notice published by the Bank is attached.

3. The Bank's press notice of 6 April 1999 described the process under which the Bank of England would take over from H M Treasury as the issuer of Euro bills. It stated that monthly auctions would comprise both UK Government Euro Treasury Bills and Bank of England Euro Bills until August 1999, and would be solely of Bank of England Euro Bills from September 1999 onwards. Accordingly, this auction is the first to consist solely of Bank of England Euro Bills. The remaining outstanding UK Government Euro Treasury Bills will mature on 16 September 1999.

4.Statistics showing the turnover of Bank of England Euro Bills and UK Government Euro Treasury Bills by market makers in August 1999 are attached.