The auction, which will be on a bid-yield basis, will take place on Tuesday 21 January 2003. An additional €1,200 million nominal of Notes will be allotted directly to the Bank of England. €100 million of these Notes will be available for sale and repurchase operations with market makers for the Bank of England Euro Note programme. €1,100 million nominal of these Notes will be held by the Bank with the intention that they will be sold in a subsequent auction or may be made available for sale and repurchase operations with the market makers. The Notes will be issued on Monday 27 January 2003, to mature on Friday 27 January 2006. This will be the third issue of Bank of England Euro Notes, following the announcement of 21 March 2000 setting out arrangements for the Bank of England to replace HM Treasury as issuer of Notes denominated in euro.