The Bank of England (BoE) postponed one of its weekly repo operations because its auction platform was experiencing technical difficulties. Tuesday’s Indexed Long-Term Repo Operation, which was scheduled for 10 a.m. in London, was deferred until the same time on Wednesday due to problems with the Btender auction platform, according to statements from the BoE. A spokesperson at the central bank declined to comment to Bloomberg on the cause of the technical issues.
The BoE facility allows banks to borrow cash for a six-month period in exchange for other, less liquid assets. Borrowing at recent operations has been low, with the latest at £10 million ($12.6mn).