BOE says it is to wind down extra repo operations as funding market stabilises

BOE to end its 3-month term repo facility at the end of May

The contingent term repo facility (CTRF) was announced back on 24 May as the central bank tried to address funding strains in the market at the time, helping to inject more liquidity into the financial system - alongside the Fed and other central banks too.

But as we see the financial conditions stabilise over the past few weeks, the BOE is just slowly weaning the market off the above measures.

For now, they will be stopping the 3-month CTRF at the end of the month but they reaffirm that they will continue to offer 1-month CTRF operations all the way through June.