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IPFS News Link • Central Banks/Banking

Bank of England Warns Pension Funds "You've Got Three Days to Wind Up Positions"

• by Mish

You Have Three Days

Yahoo!Finance reports BOE's Bailey Has a Message for Funds.

Bank of England Governor Andrew Bailey urged investors to finish winding up positions that they can't maintain, saying the central bank will halt intervention in the market as planned at the end of this week.

"My message to the funds involved and all the firms is you've got three days left now," Bailey said at an event in Washington on Tuesday. "You've got to get this done."

The Bank earlier on Tuesday expanded the range of its bond-buying program to include inflation-linked debt for the first time to avert what it called a "fire sale" that threatens financial stability. While the central bank has always said its support will end Friday, a lobby group representing UK pension funds had urged Bailey to extend the program at least until the end of the month.