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BoE sets out new financial stability tool for gilt market ructions

Wed, 24th Jul 2024 15:15

July 24 (Reuters) - The Bank of England on Wednesday set out details of a new financial stability tool that insurers and other non-bank financial institutions will be able to use during severe turbulence in the gilt market.

The BoE said the Contingent Non-Bank Financial Institution Repo - which allows companies to borrow cash against gilts as collateral - would be open to applications from the fourth quarter of this year. (Reporting by Andy Bruce; editing by David Milliken)

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