COVID-19 Corporate Financing Facility
Business continuity - COVID-19 - UK - Bank of England - historic.
Under the former COVID-19 Corporate Financing Facility, the Bank of England ('the Bank') bought short term debt - in the form of commercial paper - from larger companies with strong credit ratings.
The CCFF was designed to support companies affected by a short-term funding squeeze, and allow them to finance their short-term liabilities.
The CCFF was also intended to support corporate finance markets overall and ease the supply of credit to all firms.
The facility was open to businesses that demonstrated they were in sound financial health prior to COVID-19, allowing the Bank to look through temporary impacts on balance sheets and cash flows from the shock itself.
This means businesses that had a short or long-term credit rating of investment grade, as at 1 March 2020, or equivalent.
Businesses of comparable credit strength, as at 1 March 2020, could also apply to the Bank for an assessment of whether they can be deemed as equivalent to having a formal public investment grade credit rating, and therefore eligible to use the CCFF.
The CCFF closed to new purchases in 2021 and it closed completely in 2022.
- Bank of England
- British Business Bank
- Business continuity plan
- Commercial paper
- Contingency plan
- Coronavirus Business Interruption Loan Scheme
- Coronavirus Job Retention Scheme
- Credit rating
- Disaster recovery planning
- Financial stability
- His Majesty's Revenue & Customs
- Investment grade
- Liquidity management
- Stranded middle