Reforms to BoE's money markets operations

The Bank of England has announced that, subject to conducting a successful dress rehearsal, it is aiming to introduce the new reserve-averaging scheme and standing facilities on 18 May 2006.

This reflects continued good progress in the Bank's own preparations and those of the prospective reserve scheme members and counterparties.

As announced in December, the Bank will finally decide the launch date following a rehearsal involving external participants in April. The contingency launch date is

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