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    BoE Confirms Withdrawal of COVID Corporate Financing Facility

    September 22, 2020

    BoE and HM Treasury confirmed that the COVID Corporate Financing Facility (CCFF) will close for new purchases of commercial paper, with effect from March 23, 2021. This means that the facility will make no purchases of commercial paper after March 22, 2021. The facility will also close to new applications from counterparties and issuers looking to become eligible on December 31, 2020. The CCFF has helped eligible businesses bridge COVID-19-related temporary disruption to their cash flows.

    As indicated in the initial market notice of March 18, 2020, the CCFF was intended to operate for an initial period of 12 months. In line with this, and in light of current market conditions and recent usage patterns, BoE and HM Treasury are giving a six-month notice for the withdrawal of this facility. As announced on May 19, 2020, issuers are required to provide a letter of commitment if:

    • A CCFF purchase entered into involves the commercial paper maturing on or after May 19, 2021
    • An increase in an issuer’s CCFF limit, over and above that initially approved by BoE and HM Treasury, is requested and approved

    Given that, the CCFF will close to new applications from issuers at the end of 2020, the deadline for submitting a letter of commitment to BoE for HM Treasury’s review is also December 31, 2020. Other than as amended by this market notice and the market notice published on August 03, 2020, the terms and conditions and operating procedures for participation in the CCFF will apply to transactions under this facility.

     

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    Keywords: Europe, UK, Banking, CCFF, COVID-19, Credit Risk, HM Treasury, BoE

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