The principles and tools the Bank uses in providing liquidity insurance are set out in the Sterling Monetary Framework (SMF), which has been substantially reformed in recent years. In 2012, the Court of the Bank asked Bill Winters to review how these reforms were working in practice and to consider whether further changes were warranted. In light of the recommendations from that review, together with the Bank’s own assessment of the changing regulatory and financial market landscape, the Bank is announcing a number of further significant changes to the SMF’s liquidity insurance toolkit. Taken together, these changes are designed to increase the availability and flexibility of liquidity insurance, by providing liquidity at longer maturities, against a wider range of collateral, at a lower cost and with greater predictability of access.
Published on 24 October 2013
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