Monetary & Financial Statistics Diary of Events 2009

This diary has been compiled as a useful record of events relevant to the interpretation of both monetary and financial statistics.

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December 2009

No relevant events this month

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November 2009
05.11.09 The Bank of England's Monetary Policy Committee voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to continue with its programme of asset purchases financed by the issuance of central bank reserves and to increase its size by £25 billion to £200 billion.
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October 2009

06.10.09

The Bank of England announced that it would conduct Open Market Operations to offer for sale sterling bills as part of its monetary operations to ensure that the net supply of reserves is in line with demand.  The bills, intended to drain excess reserves, will be offered at Bank Rate and will normally be of a one-week maturity.
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September 2009
No relevant events this month
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August 2009

06.08.09

The Bank of England's Monetary Policy Committee voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to continue with its programme of asset purchases financed by the issuance of central bank reserves and to increase its size by £50 billion to £175 billion.

01.08.09

Britannia Building Society merged with The Co-operative Bank plc.
July 2009
No relevant events this month
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June 2009
No relevant events this month
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May 2009

07.05.09

The Bank of England's Monetary Policy Committee voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to continue with its programme of asset purchases financed by the issuance of central bank reserves and to increase its size by £50 billion to a total of £125 billion.
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April 2009
No relevant events this month
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March 2009
30.03.09
Core parts of Dunfermline Building Society were transferred to Nationwide Building Society following a sale process conducted by the Bank of England under the Special Resolution Regime provisions of the Banking Act 2009.  Dunfermline's retail and wholesale deposits, branches, head office and originated residential mortgages (other than social housing loans and related deposits) were transferred to Nationwide. The social housing loans of Dunfermline's customers (and related deposits) were transferred temporarily to DBS Bridge Bank Ltd, a 'bridge bank' owned and controlled by the Bank of England.  A court order was made to place the remainder of Dunfermline's business into the Building Society Special Administration Procedure (BSSAP) and to appoint KPMG as the administrator. This part of the business includes commercial loans, acquired residential mortgages, subordinated debt and most treasury assets.
05.03.09 The Government announced on 19 January 2009 that it was authorising the Bank to purchase a range of high quality private sector assets as part of a package of measures to increase the availability of corporate credit. Following a further exchange of letters between the Bank of England and HM Treasury published on 5 March 2009, the Bank was authorised to purchase private sector assets financed by central bank reserves; and to purchase gilts in the secondary market financed by central bank reserves, as part of the implementation of monetary policy. These assets are purchased by the Bank of England Asset Purchase Facility Fund Limited (BEAPFF), which is a wholly-owned subsidiary of the Bank. Letters between the Chancellor and the Governor of the Bank can be found at the following links:
Letter from the Governor to the Chancellor pdf icon (29.01.09)
Letter from the Chancellor to the Governor pdf icon HMT website (29.01.09)
Letter from the Governor to the Chancellor pdf icon (05.03.09)
Letter from the Chancellor to the Governor pdf icon HMT website (05.03.09)
 05.03.09 The Bank of England's Monetary Policy Committee voted to reduce the official Bank Rate paid on commercial bank reserves by 0.5 percentage points to 0.5%, and to undertake a programme of asset purchases of £75 billion financed by the issuance of central bank reserves.
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February 2009
05.02.09
Bank of England reduces the Bank Rate by 0.5 percentage points to 1.00% .
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January 2009
19.01.09 Government announcement of financial intervention to support lending in the economy.
19.01.09 HBOS Plc merged with Lloyds TSB Group plc
08.01.09 Bank of England reduces the Bank Rate by 0.5 percentage points to 1.50%.

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