If a particular security is scarce in the market, we will presumably not be shown offers at attractive terms, and hence we will not end up removing additional supply of that security. 9  The Desk tends to avoid conducting operations on days that coincide with FOMC announcements and on days that are known to have lighter liquidity conditions. 10  The Desk has begun publishing additional information from its operations, including information about the prices paid for each security, on a monthly basis. In addition, under the Dodd–Frank Wall Street Reform and Consumer Protection Act, the Federal Reserve will publish additional information about its open market operations, including the individual securities purchased, the transaction prices and the counterparty, with a two-year lag for all transactions subsequent to the legislation. 11  Implementing the program over an eight-month period would not be expected to significantly reduce the speed or magnitude of its effects on financial conditions and, ultimately, on the real economy under the view that the program’s effects arise from the expected stock of our holdings rather than the flow of our purchases. Under this view, financial conditions react immediately to the announcement of the program, bringing forward its effects on financial conditions. This view provides policymakers with some flexibility regarding the amount of time to implement the total amount of purchases. BIS central bankers’ speeches  3  The flexibility of this procedure can be seen in the patterns of our purchases over time.
The Bank’s supervisory body - the Prudential Regulation Authority (PRA)– surveyed banks in the UK last year and found that almost three quarters are starting to treat the risks from climate change like other financial risks – rather than viewing them simply as a corporate social responsibility issue.7 Banks have begun considering the most immediate physical risks to their business models – from the exposure of mortgage books to flood risk and the impact of extreme weather events on sovereign risk. And banks have started to assess exposures to transition risks in anticipation of climate action. This includes exposures to carbon-intensive sectors, consumer loans secured on diesel vehicles, and buy-to-let lending given new energy efficiency requirements. To embed essential climate risk management skills recommended by the TCFD in financial decision making, the Bank of England has set out its supervisory expectations for institutions in the world’s leading international financial centre with respect to:8   Governance, where firms will be expected to embed fully the consideration of climate risks into governance frameworks, including at board level, and assign responsibility for oversight of these risks to specific senior role holders;    Risk management, where firms will need to consider climate change in line with their boardapproved risk appetite;    The regular use of scenario analysis to test strategic resilience; and    Developing and maintain an appropriate disclosure of climate risks.