The number of firms participating in the Sterling Monetary Framework (as at 20 June 2024) are:
| Sterling Monetary Framework | 223 |
|---|---|
| Reserves Accounts and Operational Standing Facilities | 215 |
| Open Market Operations | 122 |
| Discount Window Facility |
168 |
We do not publish data on individual Operational Standing Facilities transactions. We publish aggregate data on OSFs drawings on the third Wednesday of the following maintenance period on the Bank of England Database.
We do not publish data on individual transactions within the Discount Window Facility. We update aggregate data on DWF drawings on the first Tuesday following the final working day of the calendar quarter, five quarters ahead.
Data as at close 24 July 2024, reported on a settlement date basis in initial purchase proceeds
The headline figure above takes into account any sales and redemptions. We publish a more detailed breakdown of our sales operations, including nominal and sales proceeds, in the spreadsheet below. This data is reported on a trade date basis and updated following any gilt operation.
This profile is usually updated on Thursdays at 3pm when an APF operation has occurred in the preceding week and/or a gilt from the portfolio has reached maturity.
There are three main categories of published data associated with APF purchases and sales:
| Data category | Definition |
|---|---|
| Nominal | The ‘face value’ of the asset, representing the amount that will be repaid upon maturity. The nominal amount is not necessarily the same as the cost of the asset if purchased at any point in its lifetime. The nominal is the amount of money the holder will receive at maturity. |
| Initial Purchase Proceeds | The amount initially paid by the APF when purchasing the asset. It is equal to the amount of central bank reserves created by the Bank to fund the underlying loan which in turn is used to make the asset purchase. |
| Sales Proceeds | The amount of money paid to the APF in exchange for the asset when the APF is selling assets. |
During periods of asset purchases, data in relation to asset purchase operations were expressed in initial purchase proceeds. This is the amount the APF paid to purchase the relevant asset.
During periods of asset sales, data in relation to asset sales operations are expressed in sales proceeds. This is the amount market participants have paid to the APF to buy the relevant asset offered for sale.
When monitoring the progress of APF unwind, the initial purchase proceeds and sales proceeds are likely to differ for any given asset. This is due to changes in the market value of gilts over time. Initial purchase proceeds are equal to the value of central bank reserves that will ultimately be extinguished by unwinding the APF.
There are two main sets of data published by the Bank in relation to the APF:
These are updated after each asset sales operation to show sales proceeds and nominal data. Initial purchase proceeds and nominal data is also available for past asset purchase operations.
The APF’s gilt purchase operational results include total allocation in both initial purchase proceeds and nominal figures in columns F and G respectively. The gilt sales operational results include total allocation in both sales proceeds and nominal figures in columns G and H respectively.
The latest stock of holdings are published via the Bank’s online interactive database, providing the overall value of assets held within the APF for both gilts and corporate bonds.
Each Thursday, the Bank publishes updated stock of holdings figures in initial purchase proceeds. This figure represents the sum of assets purchased, minus any maturities, redemptions or sales to date. It is reported on a settlement date basis as of close of business the previous working day (usually a Wednesday).
The stock of holdings is a critical data point for the APF, acting as the primary way APF sales targets are set by the MPC. For example, in September 2023, the MPC agreed that the stock of UK government bond purchases should be reduced by £100 billion over the 12-month period from October 2023 to September 2024.
Diagram 1: Stylised calculation of APF stock of holdings figures.
Please Note: In Diagram 1 above, the ‘maturities’ and ‘sales’ boxes reflect the initial purchase proceeds of that asset (the amount of reserves initially created to fund the purchase of the asset which is maturing or has been sold) and the stock of holdings figure will reduce by this amount. They do not reflect either the cash paid to the APF at the point of sale or upon maturity of an asset. As the size of the APF’s purchases were always measured in the amount of money used during the period of asset purchases, both sales and maturities must be measured in the same way using initial purchase proceeds.
This page contains the stocks of holdings figures for gilts as shown above in the blue banner. These are updated weekly and are in initial purchase proceeds.
The Bank also publishes the following data timeseries on the current stock of assets within the APF on a weekly basis:
| Gilts | Corporate Bonds | Total assets within the APF (Gilts + CB) |
|---|---|---|
| Gilts initial purchase proceeds | CB initial purchase proceeds | Total assets initial purchase proceeds |
| Gilts Nominal 1 | CB Nominal |
Please note: Any ‘stock of holdings’ figure can only be given in either initial purchase proceeds or in nominal figures. It cannot be represented in sales proceeds as the total portfolio has not been unwound.
Any disparities between the purchase proceeds and sales/maturity proceeds of any APF asset will be reconciled in accordance with the APF indemnity. For further information on cash transfers between the APF and HM Treasury.
[1] The nominal value of gilts in the APF can be found in column C of this spreadsheet.
Diagram 2: APF operations using the key definitions - stylised example of the lifecycle of APF gilt operations.
The diagram below shows the full cycle of APF operations, highlighting where the above definitions fit in. All figures used in the diagram are purely for illustrative purposes.
Data as at close 24 July 2024
The Bank will publish on this page quarterly data showing, for each group participating in the TFSME, the amount borrowed from the Scheme and the net quarterly flows of lending to UK households and firms. The first publication on 4 June 2020 will show lending data only. This will include participants’ base stock of lending as of end-December 2019, and Q1 net quarterly flows of lending for participants who have had this data certified by end-May.
Quarterly provisional publication dates for 2024 are set out in the table below.
|
Publication date |
Period covered (up to) |
|---|---|
|
14 March 2024 |
Q4 2023 |
|
13 June 2024 |
Q1 2024 |
|
12 September 2024 |
Q2 2024 |
|
12 December 2024 |
Q3 2024 |
| TFSME Group | Quarterly net TFSME drawings (drawings less repayments) (£mn) | Aggregate outstanding TFSME drawings as at 30/03/2024 (£mn) |
|---|---|---|
| Q1 2024 | ||
|
TOTAL |
(9,169) |
144,210 |
|
AIB Group (UK) |
- | 250 |
|
Aldermore |
- | 1,065 |
|
Allica Bank |
- | - |
|
Arbuthnot Latham |
- | 190 |
|
Atom Bank |
- | 675 |
|
Bank of Ireland * |
(200) | 1,950 |
|
Barclays (NRFB) |
- | 6,930 |
|
Barclays (RFB) |
- | 15,000 |
|
BNP Paribas |
- | - |
|
Buckinghamshire Building Society |
(7) | 20 |
|
Cambridge & Counties Bank |
- | 65 |
|
Cambridge Building Society |
- | 95 |
|
Chorley & District Building Society |
(5) | 8 |
|
Close Brothers |
(228) | 372 |
|
Co-operative |
- | 3,996 |
|
Coventry Building Society |
- | 3,450 |
|
Cumberland Building Society |
(40) | 140 |
|
Cynergy Bank |
(30) | 320 |
|
Darlington Building Society |
(20) | 30 |
|
Dudley Building Society |
- | - |
|
Furness Building Society |
- | 80 |
|
Habib Bank Zurich |
- | 70 |
|
Hampshire Trust Bank |
- | 295 |
|
Hinckley & Rugby Building Society |
(6) | 38 |
|
HSBC (RFB) |
- | 10,300 |
|
Investec Bank |
- | 1,200 |
|
Julian Hodge Bank |
- | 205 |
|
Leeds Building Society |
(410) | 1,430 |
|
Leek United Building Society |
(9) | 100 |
|
Lloyds Banking Group (RFB) |
- | 30,000 |
|
Mansfield Building Society |
(5) | 45 |
|
Market Harborough Building Society |
- | 59 |
|
Marsden Building Society |
- | 61 |
|
Melton Mowbray Building Society |
(18) | 64 |
|
Metro Bank |
- | 3,050 |
|
Monmouthshire Building Society |
- | 115 |
|
National Counties Building Society |
- | 220 |
|
Nationwide Building Society * |
(3,820) | 9,250 |
|
Natwest (RFB) |
- | 12,000 |
|
Newbury Building Society |
(12) | 65 |
|
Newcastle Building Society |
- | 515 |
|
Northern Bank |
- | 350 |
|
Nottingham Building Society |
- | 205 |
|
OakNorth Bank |
- | 200 |
|
OneSavings Bank |
(600) | 2,702 |
|
Paragon Bank |
(500) | 1,850 |
|
PCF Bank |
- | - |
|
Principality Building Society |
- | 900 |
|
Progressive Building Society |
- | 50 |
|
RCI Bank UK |
- | 409 |
|
Redwood Bank |
- | 38 |
|
Saffron Building Society |
- | 160 |
|
Sainsbury's Bank |
(40) | 560 |
|
Santander (NRFB) |
- | 1,760 |
|
Santander (RFB) |
(2,000) | 15,000 |
|
Scottish Building Society |
(5) | 35 |
|
Secure Trust Bank |
- | 390 |
|
Shawbrook Bank |
- | 1,200 |
|
Skipton Building Society |
(200) | 1,150 |
|
Starling Bank |
- | 2,200 |
|
Suffolk Building Society |
(10) | 35 |
|
Tandem Bank |
- | 24 |
|
Teachers Building Society |
(15) | 20 |
|
Tesco Bank |
- | 900 |
|
Tipton & Coseley Building Society |
- | 50 |
|
TSB Bank |
(915) | 3,085 |
|
United Trust Bank |
(70) | 190 |
|
Vanquis Bank |
- | 174 |
|
Virgin Money |
- | 5,050 |
|
Wesleyan Bank |
(5) | 49 |
|
West Bromwich Building Society |
- | 610 |
|
Yorkshire Building Society |
- | 1,000 |
|
Zopa Bank |
- | 150 |
We do not publish data on individual transactions within the Alternative Liquidity Facility. We update monthly average aggregate data on ALF usage each month, with a one-quarter delay.
We publish a list of the assets that form the composition of the ALF backing fund. This information is updated when there are changes to asset composition.
The Bank of England Database provides more data for operations, facilities and schemes that have closed or been suspended. For example, the Funding for Lending Scheme (FLS), the Term Funding Scheme (TFS) and the Covid Corporate Financing Facility (CCFF).
Additional information on other historic operations, facilities and schemes is available via the National Archives.
The Bank carried out a series of temporary and targeted purchases of UK government bonds between 28 September and 14 October 2022, in line with its financial stability objective. Further information is provided in Historic Facilities section of our Market Operations Guide.
Gilt PurchasesData on the value of each of the bonds bought under the Bank's temporary financial stability gilt purchases is published here.
Gilt Sales
A detailed breakdown of the results of these gilt sales, including in nominal and sales proceeds terms, is provided in the spreadsheet below. This data is reported on a trade date basis.
The Bank concluded planned sales of the Corporate Bond Purchase Scheme (CBPS) in June 2023. Further information is provided in the Historic Facilities section of our Market Operations Guide.
ALF backing fund assets