April 24, 2020 / 10:16 AM / a month ago

BoE extends weekly emergency liquidity operations until end of May

LONDON, April 24 (Reuters) - The Bank of England said it would keep holding weekly auctions of one-month and three-month sterling funds under its emergency Contingent Term Repo Facility (CTRF) until the end of May, extending a measure to calm coronavirus-related market tensions.

The BoE revived the CTRF for the first time since 2012 in late March, when it drew more than 11 billion pounds ($13.6 billion) of demand from British financial institutions.

Recent operations have seen much lower demand, and at Friday’s operation for one-month funds there were no requests from banks.

“The Bank will continue to monitor market conditions carefully and the operation of the CTRF remains under review. The Bank stands ready to take additional action if necessary,” the BoE said in a statement. ($1 = 0.8114 pounds) (Reporting by David Milliken Editing by William Schomberg)

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