Correspondence

Asset purchase facility (APF) ceiling, August 2016

The Monetary Policy Committee met on 3 August 2016 and agreed to implement a package of monetary policy stimulus measures which required an increase in the asset purchase facility limit. This prompted an exchange of letters between the Governor of the Bank of England and the Chancellor on 4 August 2016.

• From: HM Treasury and The Rt Hon Philip Hammond
• Published: 4 August 2016

Documents

Letter from the Chancellor of the Exchequer to the Governor of the Bank of England 04/08/2016

PDF, 62.8 KB, 3 pages

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Letter from the Governor of the Bank of England to the Chancellor of the Exchequer 04/08/2016

PDF, 1.6 MB, 4 pages

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Details

The letters exchanged between the Chancellor of the Exchequer and the Governor of the Bank of England that authorise the MPC to increase the ceiling on the scale of asset purchases through the APF financed by the issuance of central bank reserves. In addition, in order to finance the new Term Funding Scheme (TFS), the assets eligible to be held in the APF were extended to include secured lending of central bank reserves.

Published 4 August 2016