Minutes of the Money Market Committee meeting – September 2026

The Bank of England’s Money Markets Committee confirmed the publication of its June 2026 meeting minutes and reviewed the use of the Bank’s market-wide repo facilities, which support the transition to a repo-led operating framework. Members noted that money markets continued to function smoothly despite recent bond market volatility, with ample liquidity and limited signs of stress. Funding conditions remained stable, including across currencies, though some highlighted potential transmission risks from asset market volatility to funding conditions.

The Committee discussed the Financial Policy Committee’s proposed changes to the leverage ratio framework, with members welcoming the proposals but noting that leverage requirements are one of several constraints affecting activity. Some members suggested that greater releasability of constraints in stress could support increased use of gilts and reverse repo within buffers. The Committee also observed increasing competition for retail and corporate deposits, which could over time affect wholesale funding requirements and costs.

Bank staff provided an update on plans to extend RTGS and CHAPS settlement hours to support innovation, cross-border payments, and liquidity management, following feedback to the May 2026 consultation. Members supported the direction of travel but raised practical concerns, including liquidity facility availability outside current hours, weekend and holiday management, and operational resilience for smaller firms and corporates.

The Committee discussed Euroclear UK & International’s proposed MiniCREST contingency arrangement for a cyber-attack scenario and noted the Sterling Money Markets Code Sub-Committee’s planned 2027 update. Members were invited to contribute to working groups on repo, securities lending, and unsecured markets, and were informed of a report by the Association of Corporate Treasurers on promoting the UK as a location for corporate treasury centres.