Bailey predicts ‘significant increase’ in BoE repo operations

Banks have started demanding reserves through short-term repo facility as balance sheet shrinks

Andrew Bailey
Andrew Bailey
Photo: Bank of England

Andrew Bailey has indicated that repos will play a larger role in the Bank of England’s monetary operations in future, as the central bank grapples with questions over its balance sheet.

Speaking at the London School of Economics on May 21, the BoE governor noted repo demand has already ticked up as the central bank shrinks its balance sheet. The BoE offers a short-term repo facility at the policy rate to allow banks to borrow reserves against collateral. The aim is to ensure the policy rate

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