Update: Bank’s CP purchases drop to £80m as holdings fall further

The Bank of England’s Asset Purchase Facility bought £80m of commercial paper in the week ending July 2, the Bank said. It is the lowest weekly total since May 7, and the sixth lowest weekly total in the facility’s 20 week history. The total held by the fund dropped to £1.914bn from £1.95bn the previous week. This indicates that the paper sold to the facility did not match the rolls of maturing paper. The fund passed the three month mark last month and it dropped the three month maturity requirement in late April to allow purchases of CP with any maturity between one week and three months.