March 25, 2020 / 10:34 AM / 12 days ago

UK banks' demand for BoE liquidity drops slightly

LONDON, March 25 (Reuters) - British banks’ demand for U.S. dollar liquidity from the Bank of England fell slightly from last week’s near-record levels at two auctions for funds on Wednesday, but remained high by historic standards.

Banks requested and received $6.685 billion at an 84-day operation, reflecting demand for the greenback as the coronavirus roils financial markets, though this was down from the $7.245 billion they sought last week.

The BoE also said it allotted $7.705 billion to banks in a daily, seven-day U.S. dollar repo operation, more than double the amount on Tuesday.

The combined $14.39 billion banks were lent is down slightly from the $15.45 billion they received last week, which was the largest sum of U.S. dollars they received in a single day’s BoE repo operations since the 2008-09 financial crisis. (Reporting by William Schomberg, editing by David Milliken)

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