The Bank of England have introduced yet another scheme designed to inflate our troubles away. This one is called the Secured Commercial Paper Facility.
The Bank is today publishing details of its Secured Commercial Paper Facility to support the provision of working capital to a broad population of companies.
The Secured Commercial Paper Facility (SCP) will offer to buy securities backed by assets such as trade receivables consistent with the APF’s aim to purchase high-quality assets of broadly investment grade. The purpose of the Facility is to help improve the function of the private market by standing ready to make primary market purchases and by acting as a backstop for secondary market investors.
The Facility will be available from Monday, 3 August, although transactions will not take place until SCP programmes have been approved as eligible.
When will this madness end?