Correspondence

Asset purchase facility - cash management operations

Letters exchanged between the Chancellor of the Exchequer and the Governor of the Bank of England on the cash management operations of the asset purchase facility.

This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

Documents

Letter from the Chancellor of the Exchequer to the Governor of the Bank of England 09/11/12

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Letter from the Governor of the Bank of England to the Chancellor of the Exchequer 09/11/12

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Details

The asset purchase facility (APF) was announced on 19 January 2009 with the objective of increasing the availability of corporate credit, in order to support the Bank of England’s responsibilities for financial stability and monetary stability in the UK. At the request of the Monetary Policy Committee (MPC), the APF was expanded on 3 March 2009 to enable the MPC to use it for monetary policy purposes, financing asset purchases by the issuance of central bank reserves, in order to meet the inflation target in the medium term.

Press notice: Changes to cash management operations

Published 9 November 2012