Bank reforms money market operations

The Bank of England set out plans for three major reforms of its money market operations, including proposals for two new facilities aimed at alleviating the tensions that have kept prices for interbank loans well above historical norms.

Under the plans, the Bank said it would introduce a discount window facility and permanent long-term repos against high-quality private sector securities.

The discount window facility, designed "to avoid encouraging imprudent liquidity management", will allow

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