Pension Funds, Investors Cashed in £70 Billion in Market Chaos After Mini-Budget
- BOE data points to £67 billion cash call in just seven days
- Non-bank deposits held at BOE grow at fastest pace on record
A commuter passes the Bank of England in the City of London, UK.
Photographer: Jason Alden/BloombergThis article is for subscribers only.
Pension funds and other investors cashed in almost £70 billion ($80 billion) as they scrambled to sell assets in the last days of September during the panic in liability driven investment funds before the Bank of England intervened.
Official figures from the central bank show that non-bank financial institutions, such as pension funds and clearing houses, placed a record £28 billion of sterling cash deposits with the BOE at the end of September, three times greater than any other time in the 32 years the central bank has been keeping records.