via Reuters:
Bank of England says facility is to enable banks ease liquidity pressures facing their client LDI funds through liquidity insurance ops
In final week of operations, the Bank is announcing additional measures to support an orderly end of its purchase scheme
Bank will stand ready to increase the size of its daily auctions to ensure there is sufficient capacity for gilt purchases ahead of Friday 14 October
Maximum auction size will be confirmed each morning at 9am and will be set at up to £10bn in today's operation.
Bank's existing reserve pricing mechanism will remain in operation during this period.
Bank will also stand ready through its regular indexed long term repo operations each Tuesday to support further easing of liquidity pressures facing LDI funds
Bank will continue to work with UK authorities and regulators to ensure that ldi industry operates on a more resilient basis in future.
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These measures are to support UK pension funds & gilt markets. Should ease pressure on GBP selling.
Text is here: Bank of England announces additional measures to support market functioning
Bank of England Governor Bailey