Use of Standing and Special Gilt Repo Facility

Report Overview

This report provides data on the use of the standing and special gilt repo facility in the chosen period. Information is available for all instances that the standing and special gilt repo facility has been used since the DMO came into being on 1 April 1998.

1 The DMO's standing and special gilt repurchase facilities were introduced on 1 June 2000. The rate at which the DMO lends out gilts created under the terms of the standing repo facility was originally 10% of the Bank of England's repo rate, but from 10 November 2008 the rate was determined as a fixed margin of 300 basis points below the prevailing Bank of England Official Bank Rate, subject to a floor of 0.25%. From 5 March 2009 this floor was reduced to 0.10% and has subsequently been reviewed and changed whenever the Bank of England alters its Base rate. The DMO is given gilts at the Bank's repo rate against any gilts it lends under the facility. The latest Terms and Conditions of the Facility can be found in the Operational Rules section of the DMO website.
2 Further details on the standing and special repo facilities can be found in the DMO publication "A guide to the roles of the DMO and Primary Dealers in the UK government bond market".
3 In the event that the DMO has created stock under the standing or special repo facilities this report will be updated the following day.