Long-term repo set for bigger role in BoE operations

Executive director Victoria Saporta outlines “major change in operating practice”

Bank of England
The Bank of England
Juno Snowdon Photography

The Bank of England (BoE) is planning greater use of long-term repurchase operations to set monetary policy as part of an ongoing shake-up of its reserves framework.

Executive director Victoria Saporta said on July 22 that the bank intended to change the calibration of its indexed long-term repo (ILTR) facility so it could be used more widely and provide a more effective means of controlling rates.

The BoE currently only uses ILTR to a limited extent owing to the abundance of reserves in the

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