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Bank of England to release extra market funding ahead of Brexit vote


The Bank of England has revealed it will carry out three special liquidity injections into the UK market around the EU referendum date in June.

The Bank says it will undertake three Indexed Long-Term Repo (ILTR) operations in addition to the scheduled monthly operations. The additional operations will happen on June 14, 21 and 28, around the 23 June date for the EU referendum.

The ILTR operations give banks, building societies and broker-dealers the ability to access central bank reserves in exchange for various collateral. The mechanism gives access to the reserves for six months and are pegged to the bank’s main interest rate.

Banks, building societies and brokers can put up collateral including high-quality liquid sovereign securities, other sovereign, mortgage and corporate bonds, and less liquid securitisations.

A notice from the Bank of England states: “As usual, the Bank will continue to offer liquidity insurance via its other facilities, including running its regular weekly US Dollar repo operations, throughout this period.

“The Bank will continue to monitor market conditions carefully and keep its operations under review.”



Consumer Panel sets out pension fund reporting standards

The Financial Services Consumer Panel has published a new standard for reporting pension fund charges that it says is quicker and easier to introduce than impending European rules. Providers and asset managers are under growing pressure to boost transparency as result of Mifid II, Priips and the creation of Independent Governance Committees for workplace pensions. The […]


Fitch cuts growth forecasts but plays down recession fears

Ratings agency Fitch has downgraded its global growth forecast amid the slowdown in China and price pressures for commodity exporters but says a recession is unlikely. The firm has forecast global GDP growth of 2.5 per cent in 2016, down from its latest December forecast of 2.9 per cent. Fitch has cut the growth rate in developed economies to […]


Providers reject calls to extend auto-enrolment to lowest paid

Pension providers say saving for retirement is not the “immediate priority” of the country’s lowest earners and the Government should resist calls to extend auto-enrolment. Last week at a Work and Pensions committee evidence session pension experts called on the Government to use the 2017 review of auto-enrolment to expand the scope of the policy. Under […]

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FCA staff to be held accountable under senior managers regime

The FCA has revealed how it will apply the core principles of the senior managers regime, which came into force for the UK’s largest financial institutions today, to its own staff. The regulator had previously pledged to apply the rules, designed to hold high-ranking individuals in financial services organisations to account for misconduct in their […]

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Three questions for employers…

The Family and Childcare Trust’s annual survey has been widely reported in the media and the two headline figures were these: the average cost of a nursery place for a child under two has risen by 33 per cent since 2010; and the costs have risen by five per cent in a single year.


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