Policy changes: 1 March vs 19 June 2020

1 March  19 June
Interest rates
Bank rate 0.75% 0.1%
Asset purchase programme
UK government bonds Outstanding: £435bn Purchasing additional £290bn. Outstanding: £597bn
UK corporate bonds Outstanding: £10bn Purchasing additional £10bn. Outstanding: £15bn
Gilt maturities Bank to purchase evenly across the three gilt maturity sectors: 3-7 years (short); 7-20 years (medium); over 20 years (long).
Lending facilities
Covid Corporate Finance Facility (CCFF) N/A Outstanding: £17.8bn


For non-financial companies only. Will purchase sterling-denominated commercial paper on primary and secondary markets. Active; no max size.

Term Funding Scheme with additional incentives for SMEs (TFSME) N/A. Previous TFS scheme offered four-year funding from August 2018 to February 2018. It made £127bn of loans. Outstanding: £12.4bn


TFSME will, over the next 12 months, offer four-year funding of at least 10% of banks’ stock of real economy lending at interest rates at, or very close to, Bank Rate. Additional funding will be available for banks that increase lending, especially to SMEs. Active, no maximum size.

Contingent Term Repo Facility (CTRF) N/A Outstanding: £6.4bn


CTRF will lend reserves for three months against less liquid collateral such as residential mortgages. Equity not normally accepted as collateral but can be on a discretionary basis.

Indexed Long-Term Repo (ILTR) £8.2bn of loans outstanding. Outstanding: £27.8bn
Discount Window Facility (DWF) £0 outstanding as of end-2018 Data published with five-quarter lag
Ways and Means (loan to HM Treasury) £370m £370m
Counter cyclical capital buffer 1% set to rise to 2% by Dec 2020 0%

Relevant links:

Supervisory and prudential policy measures

Bank of England’s monetary framework

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