Banks Borrow Record £100.9 Billion From BOE Short-Term Repo Tool

Banks borrowed a record amount from a Bank of England repo facility, signaling growing demand for cash at a time when the central bank continues to drain excess liquidity from the financial system.

Financial institutions tapped the BOE’s short-term repo (STR) facility, which provides sterling in return for pledging gilts, for £100.9 billion ($139.2 billion) on Thursday. That’s up from £98 billion in last week’s operation, having surged from only around £2 billion in early 2024.