Enhancements to the provision of US dollar repo operations – Market Notice 19 March 2023

The Bank of England, in co-ordination with other central banks, has today decided to further enhance the provision of liquidity via the standing US dollar liquidity swap line arrangements.

In line with this, the Bank will increase the frequency of 7-day maturity US dollar repo operations from weekly to daily, commencing 20 March 2023.

These daily operations will continue until at least the end of April 2023. An indicative schedule is set out below:

Operation date

Term

Settlement date

Maturity date

20 March 2023

7 days

21 March 2023

28 March 2023

21 March 2023

7 days

22 March 2023

29 March 2023

22 March 2023

7 days

23 March 2023

30 March 2023

23 March 2023

7 days

24 March 2023

31 March 2023

24 March 2023

7 days

27 March 2023

3 April 2023

27 March 2023

7 days

28 March 2023

4 April 2023

28 March 2023

7 days

29 March 2023

5 April 2023

29 March 2023

7 days

30 March 2023

6 April 2023

30 March 2023

6 days

31 March 2023

6 April 2023

31 March 2023

8 days

3 April 2023

11 April 2023

3 April 2023

7 days

4 April 2023

11 April 2023

4 April 2023

7 days

5 April 2023

12 April 2023

5 April 2023

7 days

6 April 2023

13 April 2023

6 April 2023

7 days

11 April 2023

18 April 2023

11 April 2023

7 days

12 April 2023

19 April 2023

12 April 2023

7 days

13 April 2023

20 April 2023

13 April 2023

7 days

14 April 2023

21 April 2023

14 April 2023

7 days

17 April 2023

24 April 2023

17 April 2023

7 days

18 April 2023

25 April 2023

18 April 2023

7 days

19 April 2023

26 April 2023

19 April 2023

7 days

20 April 2023

27 April 2023

20 April 2023

7 days

21 April 2023

28 April 2023

21 April 2023

8 days

24 April 2023

2 May 2023

24 April 2023

7 days

25 April 2023

2 May 2023

25 April 2023

7 days

26 April 2023

3 May 2023

26 April 2023

7 days

27 April 2023

4 May 2023

27 April 2023

7 days

28 April 2023

5 May 2023

28 April 2023

7 days

2 May 2023

9 May 2023

The Bank will announce details of the day’s US dollar repo operation and the rate applicable for that day’s operation at 08.15 London time. The operations will take place at 08.15 London time, and the closing time for bids will be 08.45 London time. The results of the day’s USD repo operation will be announced by the Bank at 10.00 London time or as soon as possible thereafter.

The pricing for 7-day standing US dollar repo operations will be the matched maturity U.S. dollar overnight index swap (OIS) rate plus 25 basis points.

Other than as amended by this Market Notice, the terms contained within the Consolidated Market Notice for US dollar repo operations dated 1 July 2021 notice , will apply to these operations in addition to any other relevant Market Notices. US dollar repo operations are also subject to the Sterling Monetary Framework Documentation, as supplemented and amended by the Supplementary Terms for USD Repo Operations published by the Bank on 8 August 2022, which may be updated by the Bank of England from time to time.

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