March 24, 2020 / 3:33 PM / 11 days ago

Bank of England activates emergency liquidity measure

LONDON, March 24 (Reuters) - The Bank of England on Tuesday announced the activation of an emergency liquidity measure, the contingent term repo facility (CTRF), as it tries to smooth the functioning of financial markets during the coronavirus crisis.

The BoE will hold CTRF operations on March 26 and April 2, with no limit on the amount of funds it can lend out.

The CTRF is intended to be a more flexible form of liquidity measure than the BoE’s regular repo operations that can be tailored to the needs of financial markets at a particular moment. (Reporting by Andy Bruce, editing by Estelle Shirbon)

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