Foreign Currency Reserves 2019 - Market Notice

Not for distribution, directly or indirectly, in or into the United States, Canada, Australia or Japan
Published on 11 February 2019

Legal Notice


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.

FCA/ICMA stabilisation applies. MiFID II retail investors/professional investors/ECPs – Manufacturer target market (MIFID II product governance) is eligible counterparties and professional investors (all distribution channels) and also retail investors (all distribution channels).

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. The Bank of England does not intend to register the securities under the securities laws of the United States or conduct a public offering of the securities in the United States.

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.

This announcement is being distributed to, and is directed only at, persons in the United Kingdom in circumstances where section 21(1) of the Financial Services and Markets Act 2000 does not apply (such persons being referred to as “relevant persons”). Any person who is not a relevant person should not act or rely on this communication or any of its contents. Any investment activity (including, but not limited to, any invitation, offer or agreement to subscribe, purchase or otherwise acquire securities) to which this communication relates will only be available to, and will only be engaged with, persons who fall within the manufacturer target market.

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.

By viewing this market notice, I agree that I am a person who is permitted under applicable law and regulation to receive information of the kind contained in the market notice.

  • The Bank of England announces today that it has mandated Barclays Bank PLC, Goldman Sachs International, J.P. Morgan Securities PLC and Merrill Lynch International as Joint Lead Managers for this year’s issuance operation to finance the Bank’s foreign exchange reserves.

    The 2019 operation will be a benchmark 3-year US dollar bond, and the Bank expects to execute this transaction in the near future, subject to market conditions. This will be the thirteenth operation in the Bank’s annual issuance programme; previous 3-year dollar bonds were issued in either February or March of each year since 2007.

    Please direct any questions on Bank of England foreign currency reserves and their financing to the Bank’s Press Office on + 44 (0)20 3461 4411 or, alternatively, email

Give your feedback

Was this page useful?
Add your details...