Extension of the Contingent Term Repo Facility (CTRF) - Market Notice 30 March 2020

The Bank of England is today announcing that it will continue to offer the Contingent Term Repo Facility (CTRF) on a weekly basis through April 2020.
Published on 30 March 2020

3-month term CTRF operations will continue to run weekly until 30 April. 

In addition, beginning this week there will also be a 1-month term CTRF operation each week, with the final operation scheduled on 1 May.

The Bank will continue to monitor market conditions carefully and the operation of the CTRF remains under review.  The Bank stands ready to take additional action if necessary.

Details of each operation will be published on the Bank’s wires service page in advance. An indicative schedule of operations (which allows for Bank Holidays) is set out below:

Operation date
Term
Settlement date
Maturity date
02 April 2020
3-month
03 April 2020
03 July 2020
03 April 2020
1-month
06 April 2020
04 May 2020
09 April 2020
3-month
14 April 2020
10 July 2020
09 April 2020
1-month
14 April 2020
11 May 2020
16 April 2020
3-month
17 April 2020 17 July 2020
17 April 2020
1-month
20 April 2020
18 May 2020
23 April 2020
3-month
24 April 2020
24 July 2020
24 April 2020
1-month
27 April 2020
26 May 2020
30 April 2020
3-month
1 May 2020
31 July 2020
1 May 2020
1-month
4 May 2020
1 June 2020

This is a further precautionary step to provide additional flexibility in the Bank’s provision of liquidity insurance over the coming months.  CTRF operations will run in addition to the Bank’s regular liquidity insurance facilities including the Indexed Long-Term Repo (ILTR) and Discount Window Facility (DWF). 

Other than as amended by this Market Notice and the Market Notice published on 24 March 2020, the Terms and Conditions and Operating Procedures for participation in the SMF will apply to transactions under this Facility.

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