The Bank will increase the frequency of existing market-wide sterling operations, Indexed Long-Term Repos (ILTRs), from monthly to weekly over the weeks surrounding the planned EU withdrawal date.
This change will apply from March and will run until end April. This is a prudent and precautionary step, consistent with the Bank’s financial stability objective, to provide additional flexibility in the Bank’s provision of liquidity insurance in the coming months. This mirrors the approach taken by the Bank ahead of, and following, the EU referendum in 2016.
The Bank will continue to monitor market conditions carefully and keep its operations, including their frequency, under review.
An accompanying Market Notice provides additional detail and the terms of this operation.