The Bank of England (BoE) has published a speech by Gareth Truran on the proposed UK regime for critical third parties, covering the regime’s objectives, its key features and some of the requirements which are being proposed.

The Bank of England (BoE) has confirmed changes to its Indexed Long-Term Repo (ILTR) operations, effective from 17 June 2025, to support its transition to a repo-led, demand-driven framework for supplying reserves. A modest spread increase for Level A collateral will take effect in November 2025. The recalibration follows feedback from the BoE’s December 2024 discussion paper. The ILTR will continue as a weekly, variable price and size auction with uniform pricing. The changes aim to enhance flexibility and predictability while ensuring sufficient liquidity provision.

The Bank of England (BoE) has published a Discussion Paper outlining plans to recalibrate the Indexed Long-Term Repo (ILTR) facility as part of its transition to a demand-driven, repo-led framework for supplying reserves. In light of this, the Prudential Regulation Authority (PRA) has issued a statement encouraging firms to engage with the proposals and test their operational readiness for accessing the ILTR. Changes to the ILTR are set to take effect in 2025.

The Bank of England (BoE) has renewed its Statement of Commitment to the FX Global Code, confirming that it acts as a Market Participant and is committed to aligning its foreign exchange (FX) market activities with the principles of the revised Code, published in December 2024. The BoE states it has taken appropriate steps, proportionate to the size and complexity of its activities, to ensure consistency with the Code’s standards of good practice in the wholesale FX market.

The Bank of England (BoE) has published a Market Notice detailing the change in Collateral Eligibility Criteria for Regulated Covered Bonds in the Bank’s Sterling Monetary Framework. From 1 September 2024, to be eligible as Level B collateral, the minimum original issue size of a UK, French or German Regulated Covered Bond will be lowered to £500m or €500m (from £1bn or €1bn).

The Bank of England (BoE) reports that during 2024, international leveraged loan activity grew exponentially due to strong investor demand; while leveraged loan spreads were compressed. This loan spread compression has raised the risk of a sharp repricing, potentially affecting the cost and availability of new financing for highly leveraged companies reliant on the leveraged loan market.

Law360: The UK's financial stability watchdog said on 27 March 2024 that measures introduced in the wake of the pension fund crisis 18 months ago have bolstered resilience to further shocks.

The Bank of England (BoE) has published a speech by the external member of the Financial Policy Committee (FPC), Carolyn Wilkins, delivered at Fitch Ratings, Canary Wharf. Wilkins highlights the risks of geopolitical threats and cyber-attacks to financial stability, emphasising resilience, diagnosis, and preparedness. She notes the shaken belief in global economic integration and the need for collaboration to build resilience, especially given the UK's vulnerability. Wilkins stresses robust regulatory standards and government capacity to manage risks, with a focus on understanding economic interdependencies and improving assessment methods.

The Bank of England (BoE) has published a speech by Lee Foulger, head of markets, titled ‘Strengthening resilience in gilt and gilt repo markets’. The speech builds on the BoE's earlier discussion paper on potential reforms to enhance the resilience of the UK government bond (gilt) repo market, developed in close consultation with the Financial Conduct Authority (FCA).  Foulger highlights key insights from industry engagement, addresses concerns about possible unintended consequences, and encourages stakeholders to feedback on proposed reforms.

The Bank of England (BoE) has published a speech by its executive director of insurance supervision, Gareth Truran, at the 22nd Westminster and City Annual Bulk Annuities Conference. Truran sets out three priorities for the bulk purchase annuity (BPA) sector: supporting investment, maintaining resilience, and improving transparency. Truran addresses the PRA’s early experience of Solvency UK, focusing on reforms to the Matching Adjustment (MA) regime and to PRA changes to its supervisory engagement including a dedicated MA Permissions Team which aims reach decisions on MA applications quickly and efficiently. Truran also addresses the PRA’s engagement with the National Wealth Fund and its proposed investment accelerator.

The Bank of England (BoE) has published a speech by its deputy governor for markets and banking, Dave Ramsden, delivered at the Innovate Finance Global Summit 2025. The speech outlined the BoE’s strategy for modernising wholesale payments. Ramsden emphasised that the renewed Real Time Gross Settlement (RTGS) system is designed to reduce market frictions, improve resilience, and enhance user functionality. The platform is intended to enable greater interoperability and extend access to central bank money, including for non-bank payment service providers.

The Bank of England (BoE) has published a speech by its Executive Director for Banking, Victoria Cleland, outlining the BoE’s ongoing work to modernise wholesale settlement infrastructure. She also introduces the Synchronisation Lab, a new initiative intended to support experimentation with atomic settlement using central bank money. Applications for the Synchronisation Lab are open until 28 November 2025, with the Lab scheduled to go live in Spring 2026 for a six-month period.