Bank of England 3 month interbank auctions scheduled
Published September 21st, 2007
The Bank of England said it will hold its auctions of funds in the interbank money market on a three-month maturity on Sept 26 and then on Oct 2, 10 and 17.
The size of the first auction will be 10 bln stg, with the sizes of the three subsequent auctions to be announced at midday one day before each auction.
All the auctions will take pace at 1100 BST and close at 1130 BST, with the result to be published one hour later.
The interest rate charged will be at a floating rate above the bank rate, currently at 5.75 pct.
‘The minimum bid spread will be the spread of the Bank’s standing lending facility rate (currently at 6.75 pct) to bank rate (5.75 pct),’ the BoE said in a statement.
The central bank said it will lend against security in the form of prime UK residential mortgage loans.
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