FILE PHOTO: The Bank of England can be seen as people cycle through the City of London financial district, in London, Britain, June 11, 2021. REUTERS/Henry Nicholls/File Photo
July 29, 2021
LONDON (Reuters) – 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)
Source: One America News Network
