UK. Bank of England’s Bailey tells pension funds they have 3 days to rebalance
Bank of England Governor Andrew Bailey told pension fund managers to finish rebalancing their positions by Friday when the British central bank is due to end its emergency support programme for the county’s fragile bond market.
“We have announced that we will be out by the end of this week. We think the rebalancing must be done,” Bailey said at an event organised by the Institute of International Finance in Washington on Tuesday.
Earlier on Tuesday, the Pensions and Lifetime Savings Association, an industry body, urged the BoE to extend the bond-buying programme until Oct. 31 “and possibly beyond.”
But Bailey stressed that the programme was part of the BoE’s financial stability operations, not a monetary policy tool, and had to be temporary.
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