And the kind of asset purchased is a third variable. UK QE purchases have mostly been concentrated on the gilt market, as well as much smaller quantities of sterling corporate bond purchases. But during the financial crisis the APF also purchased  Perhaps the closest thing to a policy makers’ manual is the CGFS report referenced in footnote 2. On the operational side a detailed guide to the Bank of England’s own facilities is available at https://www.bankofengland.co.uk/markets/bank-of-england-marketoperations-guide. 6 I have not covered funding or lending schemes in detail today. But it is worth noting that the TFSME, which was designed to help reinforce the transmission of the reduction in Bank Rate as well as incentivise banks to provide credit particularly to SMEs, continues to expand in size; current usage at £ and is expected to exceed £ 7 See for instance “QE: the story so far”, available at https://www.bankofengland.co.uk/working-paper/2016/qe-the-story-so-far. 8 Buying index linked gilts could potentially create the wrong incentives for the MPC in delivering on our remit. It could also crowd out a key tool for managing inflation risk which is already subject to significant private sector demand, and is often highly illiquid as a result. 9 This number is greater than the approximately £ of gilts purchased to date because some of the gilts in the portfolio have increased in market value since being purchased. 10 Buying short maturity gilts would have a reduced duration impact and would require more frequent reinvestment; it could potentially also distort market expectations of policy rates.
In the structural aspect, we welcome reforms and initiatives that contribute to the country’s growth potential, through developing infrastructure, improving the legal framework, enhancing productivity and competitiveness of the Albanian economy, attracting foreign investments and maintaining and improving macroeconomic stability at home. The Bank of Albania is fully committed and engaged in the latter. Our key focus will continue to be: maintaining price stability and establishing pre-requisites to step-up financial stability. Therefore, we are convinced that we are providing a valuable service to long-term economic growth and welfare. 2  BIS central bankers’ speeches