BoE's Secured Commercial Paper Facility goes unused

10/27/2009 | Reuters

The Bank of England said its Secured Commercial Paper Facility, which was launched three months ago to offer companies short-term funding, has not been tapped despite concerns about a continuing credit crunch. The program buys commercial paper backed by a company's assets, routing the funds to the business. "There were no programmes that were immediately eligible for the SCP facility and consequently no purchases have been made so far," the central bank said.

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