BOE enters into a facility with BIS to ensure the provision of sterling liquidity during any future periods of market stress
Under the terms of the facility, the BoE will provide collateralised short-term Sterling liquidity to the BIS. The BIS may use the facility to provide Sterling liquidity to their eligible existing central bank customers.
Together with the swap lines the BoE has with a number of central banks, this new facility will provide a further liquidity backstop in Sterling to help ease any potential future strains in funding markets.
The full release can be found here.