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BoE to use extra £250 bln to help markets

Friday, June 24, 2016 - 01:26

The Bank of England is ready to provide additional funds to support financial markets after Britain voted to leave the European Union, governor Mark Carney says. (ROUGH CUT ONLY - NO REPORTER NARRATION)

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The Bank of England is ready to provide additional funds to support financial markets after Britain voted to leave the European Union, governor Mark Carney says. (SOUNDBITE) (English) GOVERNOR OF BANK OF ENGLAND, MARK CARNEY, SAYING: "We are well prepared for this. Her Majesty's Treasury and the Bank of England have engaged in extensive contingency planning and the Chancellor and I have remained in close contact, including through the night and this morning. To be clear, the Bank will not hesitate to take additional measures as required as markets adjust and the UK economy moves forward." "As a backstop, and to support the functioning of markets, the Bank of England stands ready to provide more than 250 billion pounds of additional funds through its normal market operations. The Bank of England is also able to provide substantial liquidity in foreign currency, if required." "In the coming weeks, the Bank will assess economic conditions and we will consider any additional policy responses." "We have taken all the necessary steps to prepare for today's events and in the future we will not hesitate to take any additional measures required to meet our responsibilities as the United Kingdom moves forward. Thank you very much." STORY: Bank of England Governor Mark Carney said on Friday (June 24) the central bank was ready to provide 250 billion pounds ($345.93 billion) of additional funds to support financial markets after Britain voted to leave the European Union. "We are well prepared for this. Her Majesty's Treasury and the Bank of England have engaged in extensive contingency planning and the Chancellor and I have remained in close contact, including through the night and this morning," he said. Carney also said the central bank will consider whether to take additional policy responses in the coming weeks. "In the future we will not hesitate to take any additional measures required to meet our responsibilities as the United Kingdom moves forward," he said. Global financial markets plunged as results from Thursday's referendum showed a near 52-48 percent split for leaving.

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BoE to use extra £250 bln to help markets

Friday, June 24, 2016 - 01:26