It reduced funding costs across the economy and is aiding the provision of credit to households and businesses. The Term Funding Facility – the TFF – is a key part of that package. The Board confirmed in May that the TFF will proceed as planned, with final drawings of 3-year funding due by the end of this month.
So it is timely to discuss the operation of that facility and the ways in which it is contributing, and will continue to contribute, to stimulatory monetary conditions. I'll then discuss some of the Bank's other monetary policy measures and the evolution of financial conditions of late.