Bank of England allots second-highest amount on record at short-term repo

By Thomson Reuters Jan 2, 2025 | 5:38 AM

LONDON (Reuters) – The Bank of England said on Thursday it had allotted 46.180 billion pounds ($57.49 billion) at its first short-term repo of 2025, the second-highest amount on record and up from 38.075 billion pounds at a repo on Dec. 19.

The short-term repo allows banks to borrow money from the BoE – usually for a seven-day period – in exchange for high-quality collateral and is designed by the BoE to keep interbank lending rates close to its policy interest rate.

The highest amount allotted in the repo was 46.743 billion pounds on Oct. 24.

($1 = 0.8033 pounds)

(Reporting by David Milliken, editing by Andy Bruce)