Bank of England - update

March 23rd 2020

The Bank of England has updated the links to information published last week.

In particular, the government has a new page as of this morning and we have a new web page for our corporate financing facility. As ever, more information is becoming available regularly on the various schemes – please check the relevant websites.

Government:
The announcement on the Gov.uk website lists the various measures available and who is administering them.
https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses

There is a new page today for schemes that are going live:
https://www.gov.uk/government/news/coronavirus-business-support-to-launch-from-today

Two schemes involving the Bank of England:

• The measures on 11th March included a term funding scheme aimed at SMEs delivered via the banks: https://www.bankofengland.co.uk/news/2020/march/boe-measures-to-respond-to-the-economic-shock-from-covid-19. Ask your bank about support.
• Another scheme for larger firms via the Bank of England: https://www.bankofengland.co.uk/news/2020/march/hmt-and-boe-launch-a-covid-corporate-financing-facility.

The Bank has published a dedicated webpage for corporates seeking to use the CCFF: https://www.bankofengland.co.uk/news/2020/march/the-covid-corporate-financing-facility

To access the CCFF, firms do not have to have previously issued commercial paper or currently have a credit rating – please take a look at what steps can be taken in order to participate.