Update on the Covid Corporate Financing Facility (CCFF) – Market Notice 22 September 2020

Although the magnitude of the economic impact from Covid-19 remains uncertain, activity has been supported by the fiscal and monetary policy actions introduced. The CCFF has helped eligible businesses bridge Covid-19 related temporary disruption to their cash flows. 

Closure date of Facility

As indicated in the initial Market Notice of 18 March 2020 the CCFF was intended to operate for an initial period of 12 months. In line with this, and in light of current market conditions and recent usage patterns, the Bank and HM Treasury hereby give 6 months’ notice of the withdrawal of the facility.

The CCFF will close for new purchases of CP from eligible issuers with effect from 23 March 2021. This means that the Facility will make no purchases of CP after 22 March 2021. 

The CCFF will also close to new applications from counterparties and issuers looking to become eligible on 31 December 2020.

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