Sterling wholesale markets: developments in 1998

• Sterling wholesale markets grew further in 1998. Outstanding lending appeared to be little affected by the international financial market turbulence of the second half of the year.
• The gilt repo market consolidated its position as an important form of secured money at the short end of the curve.
• Yields on gilt-edged securities fell in 1998. The amount outstanding fell very slightly.
• The Bank made a number of changes to its open market operations during 1998, building on the reforms of the previous year.
• The gilt strips market had a quiet first year.

Sterling wholesale markets: developments in 1998