BoE allotted GBP3.1 bln in a special ILTR liquidity operation - BBH

Research Team at BBH, notes that the Bank of England allotted GBP3.1 bln in a special ILTR liquidity operation. 

Key Quotes

“Banks bid for GBP6.3 bln.  It was the third long-term repo operation held since the Brexit referendum, as the BOE attempts to keep UK markets functioning.  Demand for funding has risen, as the BOE allotted only GBP370 mln last week. 

BOE Governor Carney chairs a meeting today of the Financial Policy Committee, and surely he will discuss what needs to be done to maintain the safety and integrity of the UK financial system.  UK bank stocks have been hit particularly hard since the referendum, though they are up nearly 5% today.”