LiFE after Brexit: BoE opens swap arrangement
The Bank of England is rebooting a crisis-era tool for its banks. Firms will be able to use its liquidity facility in euros (LiFE) from next week, as central banks seek to avert a liquidity crunch in a no-deal Brexit scenario.
The Bank is calling the facility “a prudent and precautionary” step for the coming weeks, as it allows most banks and buildings societies in the UK to borrow in euros. In turn, it will obtain euros in exchange for sterling from the European Central Bank (ECB).“It is a ...
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