Bank of England to end euro liquidity facility

Due to improved market conditions

  
A man is seen on a bus outside the Bank of England, amid the coronavirus disease (COVID-19) outbreak, in London, Britain, March 4, 2021.

A man is seen on a bus outside the Bank of England, amid the coronavirus disease (COVID-19) outbreak, in London, Britain, March 4, 2021.

REUTERS/Henry Nicholls

LONDON- The Bank of England said on Thursday that it would end a facility that allowed British-based financial institutions to access funds in euros, due to improved market conditions which had removed the need for the programme.

The Liquidity Facility in Euros (LiFE) - which started in March 2019 when there were concerns that Britain's departure from the European Union might be disorderly - will hold its last scheduled operation on Sept. 29 and close on Oct. 1.

"The Bank of England, in co-ordination with the European Central Bank, stands ready to re-adjust the provision of euro liquidity, including restarting LiFE, as warranted by market conditions," the BoE said in a statement.

(Reporting by David Milliken; Editing by Kate Holton) ((david.milliken@reuters.com; +44 20 7542 5109; Reuters Messaging: david.milliken.thomsonreuters.com@reuters.net))


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