Andrew Bailey says pension scheme help 'must end in three days'

End to bond buying intervention due this Friday, schemes warned

Eve Maddock-Jones
clock • 1 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. This was despite the central bank expanding its emergency bond buying to include index-linked gilts as well on Monday (10 October), which would be carried out until Fri...

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