First, the Bank is today providing 12 months' notice of its intention to withdraw the Commercial Paper Facility, consistent with the Market Notice issued following the announcement of the Facility in February 2009. The Commercial Paper Facility was designed to act as a backstop to help improve financing conditions for companies. The Bank's intention was that the Facility would only remain operational for as long as the highly abnormal conditions in corporate credit markets that were impairing finance of real economic activity persisted. The Bank's purchases of Commercial Paper have reduced in recent months and there is currently no outstanding stock held.
Published on
15 November 2010
Press release