BoE's Saporta says banks should prepare to change approach to liquidity
HELSINKI, June 11 (Reuters) - Banks operating in Britain should prepare to change their approach to liquidity management and make greater use of BoE facilities, as ongoing BoE bond sales and other loan repayments drain liquidity, senior Bank of England official Vicky Saporta said on Wednesday.
Saporta, the BoE's executive director for markets, said the central bank estimated that the financial system could reach its 'preferred minimum range of reserves' as soon as the second quarter of next year.
"Firms must now fully consider the changing liquidity environment and their plans to source reserves within that," Saporta said in a speech at the Bank of Finland.
"That means borrowing in larger volumes routinely from the Bank, considering their market access, testing operations regularly and thinking actively about levels of pre-positioned collateral," she added.
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