Indexed Long-Term Repo operations

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Bank of England.


The Bank of England's (the Bank's) Indexed Long-Term Repo (ILTR) operations are one of three key components of the liquidity insurance part its Sterling Monetary Framework (SMF).

The ILTR is designed for predictable and regular liquidity needs.

The ILTR's key features are:

  • Monthly auctions.
  • Six-month term.
  • Bank of England reserves (effectively cash) lent against collateral.

The ILTR lending rate is indexed to the Official Bank Rate, to enable banks and other participants to take part without needing to take a view on the likely future path of the Bank Rate.

The other two key facilities in the Bank's liquidity insurance structure are the Discount Window Facility (DWF) and the Contingent Term Repo Facility (CTRF).

See also