Recalibration of the Indexed Long-Term Repo Operation – Market Notice 11 June 2025
This Market Notice confirms the recalibrated parameters of the Indexed Long-Term Repo (ILTR) operation. In line with the Bank’s transition to a repo-led, demand driven operational framework for providing reserves, which ILTR operations are central to, the Bank is announcing an increase in the total amount of reserves available in each ILTR auction, an increase in the quantity of reserves available at fixed minimum spreads, and a gentler upward sloping supply curve than previously to ensure that clearing spreads only rise gradually.
