Bank of England announces UK Secured Commercial Paper Facility
5 August 2009
Mayer Brown Legal Update
The Bank of England (BOE) on 30 July 2009 announced a securities purchase facility to be known as the Secured Commercial Paper Facility (SCPF) under which the BOE will stand ready to purchase secured commercial paper meeting certain eligibility requirements in the primary and secondary markets. The SCPF adds to existing BOE asset purchase facilities by allowing for the purchase of asset-backed commercial paper (ABCP), but its relatively narrow eligibility criteria may limit its use.