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Tag Archive: Special Liquidity Scheme

  • Banks make “good early progress” in SLS wind-down

    In a newly published Bank of England paper setting out collateral policy, the Bank’s executive director of markets, Paul Fisher, concludes that UK lenders have “made good, early progress in reducing their use of the [Special Liquidity] Scheme, unwinding the … Read more »

  • FSA publishes first Retail Conduct Risk Outlook

    The Financial Services Authority (FSA) has published its first Retail Conduct Risk Outlook (RCRO), which seeks to identify current, emerging and potential risks that could impact customers. The review, which is a key component in the FSA’s new consumer protection … Read more »

  • BoE: SLS “will not be extended or replaced”

    A Bank of England official has shed light on the future of the Special Liquidity Scheme (SLS), which apparently will not be extended. The Scheme was set up in April 2008 for just six months but became a lifeline to … Read more »

  • BoE posts record profit as rescued banks pay

    The banking crisis helped the Bank of England (BoE) achieve record profit in the 12 months to the end of February. The central bank earned £995 million during the period, up from £197 million a year earlier, as fees and … Read more »

  • BoE engages building societies over credit rating downgrades

    The Bank of England has been in talks with seven UK building societies over the weekend. The news follows last week’s decision by Moody’s to downgrade the credit ratings of Nationwide, Chelsea, West Bromwich, Coventry, Newcastle, Norwich & Peterborough, Principality, … Read more »

  • UK lenders borrow £185bn under the SLS

    UK financial institutions have borrowed £185 billion from the Bank of England’s special liquidity scheme (SLS) since April of last year. The scheme soon became a lifeline to UK mortgage lenders by providing regular injections of cash and allowing them … Read more »

  • BoE to provide new lending facilities

    The Bank of England has announced further measures to improve liquidity in the money markets. From next week, two new schemes will be activated: an overnight loans facility charging interest at 0.25% above base rate and a 30-day facility that … Read more »

  • Special Liquidity Scheme extended

    The Bank of England has extended its Special Liquidity Scheme (SLS). The scheme was introduced in April and has become a lifeline to UK mortgage lenders by providing regular injections of cash and allowing them to swap mortgage-backed securities for … Read more »

  • Lenders argue for extension of Special Liquidity Scheme

    The SLS has provided regular injections of cash and an agreement whereby banks are able to use a range of assets as security, including securitised bonds backed by mortgages, and credit card debt. However, Libor (the rate at which banks … Read more »