The Bank of England have been oversubscribed for 11.4 billion of cheap money with rates from 5.34%.

In a move that is welcomed, its unfortunately only a drop in the ocean.

The rates for 3, 6, 9 and 12 months, at substantially lower than LIBOR have been gobbled up. I guess we need about another £50 billion at these lower levels to have a chance for recovery and for LIBOR to allign itself yet again with Bank Base.

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