The Bank of England is taking new steps to protect the UK economy from Brexit. The UK central bank is launching new weekly loans of euros to eligible banks and building societies, to prevent their currency reserves running short. The Bank says the new Liquidity Facility in Euros is a “prudent and precautionary step” that will help the financial system keep supporting the real economy. Under the scheme, banks can take assets to the Bank and used them as collateral for euro funds.
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Source: The Independent - 🏆 80. / 59 Read more »