LONDON, Sept 28 - The Bank of England is starting work on its first facility to lend to insurers and pension funds to help avoid a repeat of last year's bond market turmoil, Andrew Hauser, the BoE's executive director for markets, said on Thursday.
"We will be embarking, with immediate effect, on the design of a facility allowing us to lend to insurance company and pension funds - including newly-resilient LDI funds," Hauser said at an event hosted by MNI Connect. Globally, NBFIs - sometimes called"shadow banks" and which include investment firms including hedge funds - represent about half of the financial sector and have expanded rapidly since the 2008 financial crisis.
However, the timing was awkward for the BoE, coming just as inflation hit a 41-year high of 11.1% and forcing it to delay the start of active bond sales from its separate quantitative easing portfolio.
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