The 2014 H1 report covers sterling money market transactions that took place during May 2014. The value of total sterling money market transactions was broadly unchanged since the previous survey in November 2013. As in previous surveys, secured activity made up around two thirds of total reported transactions. The majority of both secured and unsecured activity continued to be carried out at overnight maturities. Perceptions of the functioning of the unsecured sterling money market remained negative on balance but did show some improvement since the previous survey, while perceptions of liquidity in the secured market deteriorated but remained slightly positive on balance.