tailieunhanh - BANK OF ENGLAND MARKET NOTICE: ASSET PURCHASE FACILITY SECURED COMMERCIAL PAPER FACILITY

Roughly 80% of WSBI member savings banks in Africa are somehow involved in the remittances often as agents of money transfer operators (MTOs). And for a while, they partnered up exclusively with dominant MTOs (Western Union, Money Gram). Today, savings banks have developed business coop- eration with new and promising MTOs (Money Express, Choice Money Transfer, Eurogiro, etc.) However, taken into account the postal background of some of these members, it is important to recall that post offices have been involved in the remittance business for ages with paper orders, which predated modern e-transfer solutions, which took time to accommodate low. | BANK OF ENGLAND MARKET NOTICE ASSET PURCHASE FACILITY SECURED COMMERCIAL PAPER FACILITY Introduction Through the Secured Commercial Paper SCP Facility the Facility the Bank is seeking to purchase SCP which meets its eligibility criteria and assists in the provision of credit to support economic activity in the United Kingdom. The purpose of the Facility is to help improve the function of the private market by standing ready to make primary market purchases and by acting as a backstop for secondary market investors. Operation of the Facility 1 The Fund will purchase asset-backed commercial paper securities securities from approved programmes during a defined period each business day. 2 The Fund will purchase at a minimum spread over risk-free rates newly issued securities in the primary market via dealers and after issuance from other eligible counterparties in the secondary market. Length of the Facility 3 The Bank s intention is for the Facility to operate for as long as the highly abnormal conditions in corporate credit markets persist and materially impair the financing of real economic activity. 4 It is the Bank s intention to provide 12 months notice of any withdrawal of the Facility. Recognising the lead time to set up eligible programmes the Bank would commit not to serve such notice during an initial period of three months after the Facility s launch date. After this initial period the Bank would only serve notice of withdrawal of the Facility if there were evidence to the satisfaction of the Bank that conditions in corporate credit markets were normalising. Following the announcement of any withdrawal the Facility would remain open for the 12 month notice period to programmes which had been confirmed as eligible or have applications lodged with the Bank which subsequently lead to their becoming eligible for the Facility. 1 Financing of the Facility 5 Purchases under the Facility may be financed by advances to the Bank from the Debt Management Office or .

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