"We expect institutions to draw on this funding if and when appropriate, just as we expect them to draw on their own resources as needed"
According to the Financial Times, The Bank allotted £3.072bn to lenders but received bids totalling £6.3bn.
Most of the collateral offered was the lowest ‘Level C ‘ grade assets.
The Bank of England announced earlier in the year that it is prepared to offer billions of pounds of extra liquidity to banks in the weeks around the EU referendum.
The three additional Indexed Long-Term Repo operations allow banks, building societies and broker-dealers to obtain liquidity in exchange for assets such as mortgage loans.
This will enable banks to carry on lending if markets become stressed, and was described as a 'precautionary measure'.
In a statement following the EU referendum result, Bank of England governor Mark Carney said the Bank "stands ready to provide more than £250bn of additional funds through its normal facilities" to support the functioning of markets.
The Bank of England said it is also able to "provide substantial liquidity in foreign currency, if required".
Carney said: "We expect institutions to draw on this funding if and when appropriate, just as we expect them to draw on their own resources as needed in order to provide credit, to support markets and to supply other financial services to the real economy."
