Foreign Currency Reserves 2015 - Market Notice

The Bank of England announces today that it has mandated Barclays Bank PLC, J.P. Morgan Securities PLC, Merrill Lynch International and Morgan Stanley & Co.
Published on 03 March 2015

International plc as Joint Lead Managers for this year’s issuance operation to finance the Bank’s foreign exchange reserves. The 2015 operation will be a benchmark 3-year US dollar bond, and the Bank expects to execute this transaction in the coming weeks, subject to market conditions. This will be the ninth operation in the Bank’s annual issuance programme; previous 3-year dollar bonds were issued in March 2007, March 2008, March 2009, March 2010, February 2011, February 2012, March 2013 and March 2014.

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


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 would 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.

The new securities will be issued under English law with revised collective action and pari passu clauses based on the recommendations put forward by the International Monetary Fund and International Capital Markets Association in 2014.

This market notice is being issued in reliance on Rule 135e of the United States Securities Act of 1933, as amended (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 United States Securities Exchange Act of 1934, as amended, 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.
In the United Kingdom, this announcement is directed only at persons who:

  • have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended, (the "Financial Promotion Order"),
  • are persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc.") of the Financial Promotion Order, or
  • are persons to whom an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any Notes may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as "relevant persons").

If you are in the United Kingdom and you are not a relevant person, 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.

Prospective investors are referred to the prospectus which is to be published by the Bank of England relating to the Notes (the “Prospectus”). No investment activity or investment decision relating to the Notes should be undertaken on the basis of or relying upon any information other than that contained in the Prospectus.

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