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Bank of England to end euro liquidity facility

Reuters
·1-min read
FILE PHOTO: The Bank of England can be seen as people cycle through the City of London financial district

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)