• The ECTR ( Extended collateral term repo facility) will provide assurances in the face of the ongoing EU crisis
• Stigma of using BOE’s discount window facility has been largely resolved
• British banks have pre-positioned large amounts of collateral with BOE discount window facility
• Fears that further rate cuts could harm smaller building societies, but BOE will cut if necessary
• Stresses haven’t ruled out a rate cut below 0.5%
• Bond purchases can provide a bigger stimulus