Market Notice
Bank of England Foreign Currency Reserves
22 February 2007
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN.
Following its Market Notice of 15th December 2006, the Bank of England announces today that it has mandated Barclays Capital, Citi, Goldman Sachs International and JP Morgan as Joint Lead Managers for this year’s annual issuance operation to finance the Bank’s foreign exchange reserves. The 2007 operation will be a 3-year US dollar transaction. The Bank currently expects to execute the transaction in the week beginning 12th March.
BNP Paribas, Credit Suisse, Deutsche Bank AG, HSBC, Merrill Lynch & Co., Morgan Stanley International Limited and UBS Investment Bank will be Co-Lead Managers.
Please direct any questions on Bank of England foreign currency reserves and their financing to the Bank’s Press Office on + 44 (0)20 7601 4411 or, alternatively, email press@bankofengland.co.uk.Notes to Editors
- As part of the monetary policy framework introduced by the Chancellor of the Exchequer in 1997, the Bank of England holds its own foreign exchange reserves in support of its monetary policy objective. These reserves are separate from the Government’s own foreign exchange reserves, which the Bank manages as the Treasury’s agent.
- On 15 December 2006 the Bank of England announced that its foreign exchange reserves will be financed by issuing medium-term securities on an annual basis, with a regular timetable, a high degree of transparency and a group of banks to market and distribute each issue. At the same time the Bank announced that the previous Euro Note programme would cease.
This market notice is being issued in reliance on Rule 135e of the U.S. Securities Act of 1933 (the “Securities Act”). This market notice is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from registration. Any public offering of the securities to be made in the United States will be made by means of a prospectus that may be obtained from the Bank of England.
Statements about the Bank of England and all other statements in this market notice other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time. The Bank of England undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances.
This announcement is directed only at the following persons in the United Kingdom: persons having professional experience in matters relating to investments; and persons falling within Articles 49(2)(a) to (d) of the U.K. Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (high net worth companies, unincorporated associations etc.). If you are in the United Kingdom and do not fall into one of the above categories, any investment or investment activity to which this announcement relates is not available to you, and will not be engaged in with you, and you should not act upon, or rely on, this announcement.
