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LONDON -(Dow Jones)- The Bank of England said Wednesday that it would hold an exceptional fine-tuning operation to drain up to GBP10 billion of reserves in a one-day repurchase agreement.
"This follows the settlement yesterday of Monday's extended long-term repo operation which provided GBP40 billion of reserves," the BOE said in a statement.
The repo will be against gilt delivery-by-value, or DBV, collateral, it said.
DBV is a settlement-system mechanism whereby a member may borrow or lend cash against collateral. The system automatically selects and delivers securities and retrieves them over the term of the transaction.
The bank also said that the ranges around reserves targets within which reserves are remunerated will be widened to +/-60% from +/-40% currently.
-By Natasha Brereton, Dow Jones Newswires; +44 20 7842 9254; natasha.brereton@dowjones.com
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(END) Dow Jones Newswires
October 01, 2008 04:48 ET (08:48 GMT)
Copyright 2008 Dow Jones & Company, Inc.
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