Bank of England to Launch Liquidity Facility on June 20

The BOE announced Friday it will hold its first emergency liquidity-providing operation for banks next week, an auction of 6-month funds on June 20, as part of a plan to help credit flow in Britain. The BOE said it would offer loans at the minimum rate of 0.5 percent, plus 25 basis points. The BOE said it would hold at least one Extended Collateral Term Repo Facility per month, offering a minimum 5 billion pounds during each operation.