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Bank of England to release extra market funding before Brexit

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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 says: “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.”

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