// definition
APF
Asset Purchase Facility
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Short definition
The Bank of England vehicle holding monetary-policy assets, financed by a Bank loan and covered by a Treasury indemnity. Cash transfers can flow to the Treasury or in the reverse direction. They do not by themselves measure QE’s comprehensive fiscal impact or the return from the temporary LDI financial-stability purchases.
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Knowledge map
Intuition
Monetary-portfolio cash flows and an emergency intervention’s return cover different operations.