BoE to hold 3-month and 1-month contingent term repo operations each week of May

The Bank of England announced on Friday that it will continue to hold 3-month and 1-month contingent term repo operations each week of May, as reported by Reuters.

The BoE further reiterated that it will continue to monitor market conditions and take further action if needed and added that it will allot zero funds to banks in contingent term repo operation for 1-month sterling funds (previous zero).

Market reaction

This announcement did little to nothing to help the UK's FTSE 100 Index recover from its lows. As of writing, the index was down 0.92% on the day at 5,773 points.