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Written Ministerial Statements — Treasury: Notification of Reduction in Contingent Liability (1 Apr 2019)

Philip Hammond: The Term Funding Scheme (TFS) was introduced in August 2016 and indemnified by HM Treasury as part of the Bank of England’s (Bank’s) Asset Purchase Facility (APF), which also included the Corporate Bond Purchase Scheme (CBPS) (£10 billion) and gilt purchases (£435 billion). The TFS provided funding to banks and building societies at a rate close to Bank Rate for a term of up to four...


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