The profile of cash transfers between the Asset Purchase Facility and Her Majesty’s Treasury

Nick McLaren and Tom Smith ()

Bank of England Quarterly Bulletin, 2013, vol. 53, issue 1, 29-37

Abstract: In November 2012, a process for regular cash transfers between the Bank of England’s Asset Purchase Facility Fund Limited (APF) and Her Majesty’s Treasury (HMT) was established. The size and timing of these transfers depends on a number of uncertain factors, including the future path of Bank Rate, and the price at which the assets held by the APF are ultimately sold. This article uses a spreadsheet-based framework, which has also been made available on the Bank’s website, to show how the size and timing of the transfers varies depending on the assumptions made about these uncertain factors. While the initial transfers are from the APF to HMT, it is likely they will be offset by payments in the opposite direction in the future. The ultimate net amount that will be transferred is uncertain, and a wide range of outcomes is possible.

Date: 2013
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