Results and usage data

Results and usage data for our facilities

In this section

Participation in the Sterling Monetary Framework

The number of firms participating in the Sterling Monetary Framework (as at 20 June 2024) are:

Sterling Monetary Framework 223
Reserves Accounts and Operational Standing Facilities 215
Open Market Operations 122
Discount Window Facility

168

Operational Standing Facilities

We do not publish data on individual Operational Standing Facilities transactions. We publish aggregate data on OSFs drawings on the third Wednesday of the following maintenance period on the Bank of England Database.

Short-Term Repo results

Indexed Long-Term Repo results

Discount Window Facility

We do not publish data on individual transactions within the Discount Window Facility. We update aggregate data on DWF drawings on the first Tuesday following the final working day of the calendar quarter, five quarters ahead.

Contingent Term Repo Facility

Liquidity Facility in Euros (LiFE)

US Dollar repo operations

Asset Purchase Facility - Gilt Operations

Current stock of gilts £659,940 million

Data as at close 11 September 2024, reported on a settlement date basis in initial purchase proceeds

The headline figure above takes into account any sales and redemptions. We publish a more detailed breakdown of our sales operations, including nominal and sales proceeds, in the spreadsheet below. This data is reported on a trade date basis and updated following any gilt operation.

We also publish data on gilt maturities and the overall maturity profile of the stock of gilts held in the APF, in terms of initial purchase proceeds, in the spreadsheet below:

This profile is usually updated on Thursdays at 3pm when an APF operation has occurred in the preceding week and/or a gilt from the portfolio has reached maturity.

Asset Purchase Facility (APF) Data Explained

The Asset Purchase Facility (APF) is a subsidiary of the Bank that carries out the Bank’s quantitative easing program – further information on quantitative easing can be found in this 2022 Q1 Quarterly Bulletin. The below sections are designed to provide transparency and clarity on the data we publish regarding the APF’s operations. 

  • There are three main categories of published data associated with APF purchases and sales:

     Data category Definition
    Nominal The ‘face value’ of the asset, representing the amount that will be repaid upon maturity. The nominal amount is not necessarily the same as the cost of the asset if purchased at any point in its lifetime. The nominal is the amount of money the holder will receive at maturity.
    Initial Purchase Proceeds The amount initially paid by the APF when purchasing the asset. It is equal to the amount of central bank reserves created by the Bank to fund the underlying loan which in turn is used to make the asset purchase.
    Sales Proceeds The amount of money paid to the APF in exchange for the asset when the APF is selling assets.

    During periods of asset purchases, data in relation to asset purchase operations were expressed in initial purchase proceeds. This is the amount the APF paid to purchase the relevant asset. 

    During periods of asset sales, data in relation to asset sales operations are expressed in sales proceeds. This is the amount market participants have paid to the APF to buy the relevant asset offered for sale. 

    When monitoring the progress of APF unwind, the initial purchase proceeds and sales proceeds are likely to differ for any given asset. This is due to changes in the market value of gilts over time. Initial purchase proceeds are equal to the value of central bank reserves that will ultimately be extinguished by unwinding the APF.

  • There are two main sets of data published by the Bank in relation to the APF:

    The results of APF purchase and sale operations

    These are updated after each asset sales operation to show sales proceeds and nominal data. Initial purchase proceeds and nominal data is also available for past asset purchase operations. 

    The APF’s gilt purchase operational results include total allocation in both initial purchase proceeds and nominal figures in columns F and G respectively. The gilt sales operational results include total allocation in both sales proceeds and nominal figures in columns G and H respectively.

    The ‘current stock of holdings’ within the APF

    The latest stock of holdings are published via the Bank’s online interactive database, providing the overall value of assets held within the APF for both gilts and corporate bonds.

    What does ‘current stock of holdings’ mean?

    Each Thursday, the Bank publishes updated stock of holdings figures in initial purchase proceeds. This figure represents the sum of assets purchased, minus any maturities, redemptions or sales to date. It is reported on a settlement date basis as of close of business the previous working day (usually a Wednesday).

    The stock of holdings is a critical data point for the APF, acting as the primary way APF sales targets are set by the MPC. For example, in September 2023, the MPC agreed that the stock of UK government bond purchases should be reduced by £100 billion over the 12-month period from October 2023 to September 2024. 

    Diagram 1: Stylised calculation of APF stock of holdings figures.

    Please Note: In Diagram 1 above, the ‘maturities’ and ‘sales’ boxes reflect the initial purchase proceeds of that asset (the amount of reserves initially created to fund the purchase of the asset which is maturing or has been sold) and the stock of holdings figure will reduce by this amount. They do not reflect either the cash paid to the APF at the point of sale or upon maturity of an asset. As the size of the APF’s purchases were always measured in the amount of money used during the period of asset purchases, both sales and maturities must be measured in the same way using initial purchase proceeds.

    Results and Usage – current stock of holdings

    This page contains the stocks of holdings figures for gilts as shown above in the blue banner. These are updated weekly and are in initial purchase proceeds.

    Bank of England database – current stock of holdings

    The Bank also publishes the following data timeseries on the current stock of assets within the APF on a weekly basis:

    Gilts Corporate Bonds Total assets within the APF (Gilts + CB)
    Gilts initial purchase proceeds  CB initial purchase proceeds Total assets initial purchase proceeds
    Gilts Nominal 1 CB Nominal  

    Please note: Any ‘stock of holdings’ figure can only be given in either initial purchase proceeds or in nominal figures. It cannot be represented in sales proceeds as the total portfolio has not been unwound.

    Any disparities between the purchase proceeds and sales/maturity proceeds of any APF asset will be reconciled in accordance with the APF indemnity. For further information on cash transfers between the APF and HM Treasury.

    [1] The nominal value of gilts in the APF can be found in column C of this spreadsheet.

  • Diagram 2: APF operations using the key definitions - stylised example of the lifecycle of APF gilt operations.

    The diagram below shows the full cycle of APF operations, highlighting where the above definitions fit in. All figures used in the diagram are purely for illustrative purposes.

Term Funding Scheme with additional incentives for SMEs (TFSME)

Current loans made through the Term Funding Scheme with additional incentives for SMEs £127,985 million

Data as at close 11 September 2024

The Bank will publish on this page quarterly data showing, for each group participating in the TFSME, the amount borrowed from the Scheme and the net quarterly flows of lending to UK households and firms. The first publication on 4 June 2020 will show lending data only. This will include participants’ base stock of lending as of end-December 2019, and Q1 net quarterly flows of lending for participants who have had this data certified by end-May.

Quarterly provisional publication dates for 2024 are set out in the table below.

Publication date

Period covered (up to)

14 March 2024

Q4 2023

13 June 2024

Q1 2024

12 September 2024

Q2 2024

12 December 2024

Q3 2024

  • TFSME Group

    Quarterly net TFSME drawings (drawings less repayments) (£mn)

    Aggregate outstanding TFSME drawings as at 30/06/2024 (£mn)

    Q2 2024

    £mn

    TOTAL

    (8,795)

    135,415

    AIB Group (UK)

    (250)

    -

    Aldermore

    -

    1,065

    Allica Bank

    -

    -

    Arbuthnot Latham

    -

    190

    Atom Bank

    (50)

    625

    Bank of Ireland *

    (200)

    1,750

    Barclays (NRFB)

    -

    6,930

    Barclays (RFB)

    -

    15,000

    BNP Paribas

    -

    -

    Buckinghamshire Building Society

    (4)

    16

    Cambridge & Counties Bank

    -

    65

    Cambridge Building Society

    -

    95

    Chorley & District Building Society

    -

    8

    Close Brothers

    -

    372

    Co-operative

    (450)

    3,546

    Coventry Building Society

    (500)

    2,950

    Cumberland Building Society

    (20)

    120

    Cynergy Bank

    (40)

    280

    Darlington Building Society

    (20)

    10

    Dudley Building Society

    -

    -

    Furness Building Society

    (35)

    45

    Habib Bank Zurich

    -

    70

    Hampshire Trust Bank

    -

    295

    Hinckley & Rugby Building Society

    (12)

    26

    HSBC (RFB)

    -

    10,300

    Investec Bank

    -

    1,200

    Julian Hodge Bank

    -

    205

    Leeds Building Society

    (200)

    1,230

    Leek United Building Society

    (21)

    79

    Lloyds Banking Group (RFB)

    -

    30,000

    Mansfield Building Society

    (4)

    42

    Market Harborough Building Society

    (7)

    52

    Marsden Building Society

    -

    61

    Melton Mowbray Building Society

    (15)

    49

    Metro Bank

    -

    3,050

    Monmouthshire Building Society

    (20)

    95

    National Counties Building Society

    -

    220

    Nationwide Building Society *

    -

    9,250

    Natwest (RFB)

    -

    12,000

    Newbury Building Society

    (10)

    55

    Newcastle Building Society

    (30)

    485

    Northern Bank

    -

    350

    Nottingham Building Society

    (25)

    180

    OakNorth Bank

    -

    200

    OneSavings Bank

    (1,068)

    1,634

    Paragon Bank

    (500)

    1,350

    PCF Bank

    -

    0

    Principality Building Society

    (350)

    550

    Progressive Building Society

    -

    50

    RCI Bank UK

    -

    409

    Redwood Bank

    (13)

    25

    Saffron Building Society

    (30)

    130

    Sainsbury's Bank

    (160)

    400

    Santander (NRFB)

    (230)

    1,530

    Santander (RFB)

    (2,000)

    13,000

    Scottish Building Society

    (5)

    30

    Secure Trust Bank

    (50)

    340

    Shawbrook Bank

    (200)

    1,000

    Skipton Building Society

    -

    1,150

    Starling Bank

    -

    2,200

    Suffolk Building Society

    -

    35

    Tandem Bank

    -

    24

    Teachers Building Society

    -

    20

    Tesco Bank

    (150)

    750

    Tipton & Coseley Building Society

    (3)

    48

    TSB Bank

    (350)

    2,735

    United Trust Bank

    (50)

    140

    Vanquis Bank

    (75)

    99

    Virgin Money

    (1,100)

    3,950

    Wesleyan Bank

    -

    49

    West Bromwich Building Society

    (50)

    560

    Yorkshire Building Society

    (500)

    500

    Zopa Bank

    -

    150

Alternative Liquidity Facility

We do not publish data on individual transactions within the Alternative Liquidity Facility. We update monthly average aggregate data on ALF usage each month, with a one-quarter delay.

Bank of England Database

We publish a list of the assets that form the composition of the ALF backing fund. This information is updated when there are changes to asset composition.

ALF backing fund assets

Historic facilities and schemes

The Funding for Lending Scheme (FLS)

We launched the FLS in July 2012, during the euro area debt crisis. Further information on the facility can be found in the Bank of England Market Operations Guide, and scheme usage data in the Bank of England Database.

A quarterly account of total outstanding FLS drawings by firm is available below:

The Term Funding Scheme (TFS)

We introduced TFS in August 2016, aiming to reinforce the pass through of the cut in Bank Rate at that time to the interest rates faced by households and companies in the wider market. Further information on the facility can be found in the Bank of England Market Operations Guide, and scheme usage data in the Bank of England Database.

A quarterly account of total outstanding TFS drawings by firm is available below:

The Covid Corporate Financing Facility (CCFF)

In conjunction with HM Treasury, we launched CCFF in March 2020, during the Covid-19 crisis. Further information on the facility can be found in the Bank of England Market Operations Guide, and facility usage data in the Bank of England Database.

A firm-level, weekly account of outstanding commercial paper held by the CCFF is available below:

Additional information on operations, facilities and schemes that have been closed or suspended is available via the Bank of England Database and the National Archives.

 

Asset purchase facility – financial stability gilt portfolio

The Bank carried out a series of temporary and targeted purchases of UK government bonds between 28 September and 14 October 2022, in line with its financial stability objective. Further information is provided in Historic Facilities section of our Market Operations Guide.    

Gilt Purchases

Data on the value of each of the bonds bought under the Bank's temporary financial stability gilt purchases is published here:

Gilt Sales

A detailed breakdown of the results of these gilt sales, including in nominal and sales proceeds terms, is provided in the spreadsheet below. This data is reported on a trade date basis.

Asset purchase facility – Corporate Bond Purchase Scheme

The Bank concluded planned sales of the Corporate Bond Purchase Scheme (CBPS) in June 2023. Further information is provided in the Historic Facilities section of our Market Operations Guide. 

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This page was last updated 12 September 2024