Second rounds of dealing may be undertaken later in the day if needed, but such circumstances have been rare. As well as these regular operations, the Bank has put in place a standing facility to allow market participants to access cash, at their discretion, in unforeseen circumstances.
This facility allows banks and other holders of exchange settlement accounts to borrow overnight on a secured basis, though at a penalty of 25 basis points over the cash rate target. Banks typically use this facility only if they experience some operational difficulty or miscalculate their daily funds flows, which is rare.