Then, in the January Update to the Report, we noted that the tightening in credit conditions could be greater and more protracted than previously  10  This policy would allow the Bank to widen the range of eligible instruments for its market operations.
Furthermore, this widening could occur without necessarily invoking the pre-existing power to do so in circumstances where the Governor declares a situation of severe and unusual stress on a financial market or financial system. 11  At times, the Bank also carried out sale and repurchase agreements. BIS Review 42/2008  7  assumed.