Contingent Term Repo Facility

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Bank of England.


The Bank of England's Contingent Term Repo Facility (CTRF) is one of three key components of the liquidity insurance part its Sterling Monetary Framework (SMF).

The CTRF is designed for conditions of actual or prospective market-wide stress of an exceptional nature.

The CTRF's key features are:

  • Initiated by the Bank of England.
  • Flexible term.
  • Bank of England reserves (effectively cash) lent against collateral.
  • Auction pricing.

The other two key facilities in the Bank's liquidity insurance structure are the Discount Window Facility (DWF) and the Bank's Indexed Long-Term Repo (ILTR) operations.

See also