Changes to the schedule of US dollar repo operations

In view of the improvement in US dollar funding conditions and the low demand for US dollar liquidity-providing operations, the Bank of England, in co-ordination with other central banks, has decided to phase out its current US dollar liquidity-providing operations. The Bank of England is therefore today announcing the following schedule of US dollar repo operations once the current timetable expires on 29 January 2014.
Published on 24 January 2014

2. Weekly 7-day and monthly 84-day US dollar repo operations will continue unchanged until 30 April 2014, when the monthly 84-day operations will cease. The timetable for 7-day operations then continues through to 30 July 2014. The network of bilateral central bank liquidity swap arrangements, moved on to a standing basis in October 2013, provide a framework for the reintroduction of US liquidity operations if warranted by market conditions.

3. An indicative schedule of weekly operations is set out below:

 Operation date  Term  Settlement date  Maturity date
 5 February 2014  7 days  6 February 2014  13 February 2014
 12 February 2014  7 days  13 February 2014  20 February 2014
 19 February 2014  7 days  20 February 2014  27 February 2014
 26 February 2014  7 days  27 February 2014  6 March 2014
 5 March 2014  7 days  6 March 2014  13 March 2014
 12 March 2014  7 days  13 March 2014  20 March 2014
 19 March 2014  7 days  20 March 2014  27 March 2014
 26 March 2014  7 days  27 March 2014  3 April 2014
 2 April 2014  7 days  3 April 2014  10 April 2014
 9 April 2014  7 days  10 April 2014  17 April 2014
 16 April 2014  7 days  17 April 2014  24 April 2014
 23 April 2014  8 days  24 April 2014  2 May 2014
 30 April 2014  6 days  2 May 2014  8 May 2014
 7 May 2014  7 days  8 May 2014  15 May 2014
 14 May 2014  7 days  15 May 2014  22 May 2014
 21 May 2014  8 days  22 May 2014  30 May 2014
 4 June 2014  7 days  5 June 2014  12 June 2014
 11 June 2014  7 days  12 June 2014  19 June 2014
 18 June 2014  7 days  19 June 2014  26 June 2014
 25 June 2014  7 days  26 June 2014  3 July 2014
 2 July 2014  7 days  3 July 2014  10 July 2014
 09 July 2014  7 days  10 July 2014  17 July 2014
 16 July 2014  7 days  17 July 2014  24 July 2014
 23 July 2014  7 days  24 July 2014  31 July 2014
 30 July 2014  7 days  31 July 2014   7 August 2014

4. An indicative schedule of operations with a maturity of approximately three months is set out below:

Operation date   Term  Settlement date  Maturity date
 26 February 2014  84 days  27 February 2014  22 May 2014
 26 March 2014  84 days  27 March 2014  19 June 2014
 23 April 2014  84 days  24 April 2014  17 July 2014

5. The full range of SMF collateral, comprising Level A, B and C collateral sets, will be eligible for US dollar repo operations.

6. Other than as amended by this Market Notice, the terms contained within the Consolidated Market Notice for US dollar repo operations dated 13 December 2012 will apply to these operations. US dollar repo operations are subject to the terms of the Sterling Monetary framework as supplemented by the Supplementary Terms for US dollar repo transactions, which may be updated by the Bank of England from time to time.

   
   
  

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