News Release
Bank of England Euro Bills: Result of Auction on 11 November 2003

11 November 2003

The Euro Bills on offer have been allotted in full. Details of the result are as follows:

	3-month Bank of England Euro Bills due 12 February 2004	6-month Bank of England Euro Bills due 13 May 2004
Amount of Bills on offer	€ 600.0 mn	€ 300.0 mn
Amount applied for	€ 2,695.0 mn	€ 1,825.0 mn
Amount allotted to bidders	€ 599.7 mn	€ 299.6 mn
Lowest yield accepted	2.030 %	2.105 %
Highest yield accepted	2.050 %	2.120 %
Average yield on Bills allotted to bidders	2.040 %	2.115 %
Pro-rata per cent at highest yield accepted	22.222 %	40.678 %

At each maturity, bids which have been accepted and which were made at yields below the highest accepted yield has been allotted in full at the yields bid. Bids made at the highest accepted yield have been allotted on the basis of the relevant pro-rata percentage indicated above applied to the nominal amount of Bills bid for (subject to the rounding adjustment set out on page 4 of the Bank of England Euro Bill Information Memorandum of 7 January 2003).

As announced in the auction notice dated 4 November 2003 an additional €50 mn of 6-month Bank of England Euro Bills has been allotted directly to the Bank of England. These Bills may be made available through sale and repurchase transactions to the market makers listed in the Bank of England Euro Bill Information Memorandum in order to facilitate settlement.

The next auction for Bank of England Euro Bills is due to be held on Tuesday, 9 December 2003. Details of the amounts and maturities of Bills to be offered at that auction will be announced at 2.30 p.m. (GMT) on Tuesday, 2 December 2003.