Bank of England

House of Lords written question – answered on 3rd July 2012.

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Photo of Lord Myners Lord Myners Labour

To ask Her Majesty's Government why the maturities proposed under the Bank of England's Extended collateral term repo facility are materially shorter than offered under the European Central Bank's long-term refinancing operation.

Photo of Lord Sassoon Lord Sassoon The Commercial Secretary to the Treasury

The extended collateral term repo facility is a Bank of England facility. This facility will provide sterling liquidity for a period of six-months, through monthly auctions.

The Governor has also announced a new funding for lending scheme, which will provide funding to banks for an extended period of several years.

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