3  The Bank Rate is 25 points above the target for the overnight rate. When the expected target for the overnight rate is significantly lower than the current target, the "penalty" is effectively larger when the term goes past the next fixed announcement date.
BIS Review 29/2009  3  At the same time, we introduced a term PRA facility for private sector money market instruments, the aim of which was to support liquidity in the markets for these instruments. Bankers' acceptances and promissory notes, as well as commercial paper, including banksponsored asset-backed commercial paper, were eligible securities for this facility.