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Bank of England Sets Expensive Rates: BOE auction fails with lender non-participation

Last Wednesday, the Bank of England held the first of four auctions aimed at providing funds at three-month maturity. The auction was for GBP10 billion ($20.15 billion). Despite lingering questions about the bank's motivation, phone lines for bidders opened at 11 a.m. GMT sharp and closed promptly at 11:30.

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