Andrew Bailey warns pension funds they have 'three days' before intervention ends

Despite rumours of extension

Eve Maddock-Jones
clock • 2 min read

Andrew Bailey, governor of the Bank of England, has warned pension funds that they have three days to sort out their liquidity before its emergency bond buying support ends.

Speaking at an event in Washington, Bailey said: "We will be out by the end of the week. We think this rebalancing must be done and my message to funds and firms involved is that you have got three days to get this done." The comments come in the face of pleas yesterday (11 October) from the pensions industry for the bank to continue its emergency support amid fears of another bond selloff when the backstop is removed. IMF warns of global recession risk while criticising Mini Budget This was despite the central bank expanding its emergency bond buying to include index-linked gilts ...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on UK

Invesco discontinues standalone UK equity team as it merges with European cohort
UK

Invesco discontinues standalone UK equity team as it merges with European cohort

Teams already work closely

Eve Maddock-Jones
clock 12 June 2024 • 1 min read
Greens pledge to demand non-bank financial institutions to divest from fossil fuels by 2030
UK

Greens pledge to demand non-bank financial institutions to divest from fossil fuels by 2030

Additional mandate for the BoE

Valeria Martinez
clock 12 June 2024 • 2 min read
UK economic growth flatlines in April
UK

UK economic growth flatlines in April

Poor weather dampened data

Eve Maddock-Jones
clock 12 June 2024 • 2 min read
Trustpilot