LONDON: British financial institutions' demand for six-month liquidity from the Bank of England rose to its highest since May 5 at an auction on Tuesday.
Banks and other major financial institutions bid for and received 385 million pounds ($483 million) of six-month funds in the weekly Indexed Long Term Repo operation, mostly secured against the highest grade of collateral that the BoE accepts.
Last week's repo allocated just 5 million pounds of demand, down from a peak of 7.2 billion pounds in March.
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