The Bank of England announced the largest volume of banks' borrowings through the long-term repo mechanism since March 2020. On Tuesday, credit institutions raised £3.025 billion ($4.1 billion) for six months against assets. Of this amount, £1.955 billion was secured with top-quality securities and issued at a rate equal to the base, while another £1.07 billion was secured against assets with an additional surcharge of 0.15 percentage points. The regulator urges banks to use this tool more actively to manage liquidity against the background of the curtailment of the £895 billion quantitative easing program, which operated from 2009 to 2021.
