On 17 March 2020, HM Treasury announced a number of measures designed to support public services, people and businesses through the period of disruption caused by Covid. Within that overall package, the CCFF was designed to support liquidity among larger firms that provide a material contribution to the UK, helping them to bridge Covid‑related disruption to their cash flows through the purchase of short-term debt in the form of commercial paper.
Over the life of the scheme, the CCFF lent over £37 billion to 107 different companies between March 2020 and March 2021, with a peak issuance in the scheme of over £20 billion in May 2020. Although closed for new purchases, the CCFF will continue to hold companies’ commercial paper until the final maturities in March 2022.
Covid Corporate Financing Facility Limited Annual Report and Accounts 2020/21