// definition
CNRF
Contingent Non-Bank Financial Institution Repo Facility
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Short definition
A Bank of England facility open for applications since January 2025 to certain admitted insurers, pension schemes and LDI funds. It lends cash against gilts for a short term and is activated at the Bank’s discretion during severe dysfunction threatening UK financial stability. Pricing is calibrated at activation; admission does not establish actual borrowing.
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Intuition
Conditional public liquidity can reduce the need for urgent gilt sales.