Two billion dollars is auctioned weekly for a 28day term. The maximum amount outstanding at any one time was about $ billion. Although the Term Loan Facility has had the highest take-up of the new facilities, its use has been relatively modest, largely because the minimum bid rate is the Bank Rate 3 [Chart: Weekly Par Value Outstanding for BoC Liquidity Facilities].
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.