The 2015 H1 report covers sterling money market transactions that took place during May 2015. The value of total sterling money market transactions fell since the previous survey in November 2014. The proportion of secured activity fell from 74% of total reported transactions in the previous survey to its lowest recorded level of 69%. 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 and were unchanged from the previous survey, while perceptions of liquidity in the secured market deteriorated but were still deemed broadly neutral overall despite the headline fall in activity.