英格蘭銀行於2009.3.5再次調降貨幣政策利率0.5個百分點,並宣布750億英鎊資產購買方案

 

News Release

新聞稿

Bank of England Reduces Bank Rate by 0.5 Percentage Points to 0.5% and Announces £75 Billion Asset Purchase Programme

英格蘭銀行調降準備金利率 0.5 百分點,至 0.5%,並宣布750億英鎊資產購買方案

 

5 March 2009

200935

 

The Bank of England’s Monetary Policy Committee today voted to reduce the official Bank Rate paid on commercial bank reserves by 0.5 percentage points to 0.5%, and to undertake a programme of asset purchases of £75 billion financed by the issuance of central bank reserves.

英格蘭銀行貨幣政策委員會今天投票調降對商業銀行準備金支付的官方準備金利率0.5個百分點,至0.5%,並進行750億英鎊的資產購買方案,以發行中央銀行準備貨幣方式取得財源。

 

World activity continued to weaken, reflecting both depressed confidence and the persistent problems in international credit markets. In the United Kingdom, output dropped sharply in the fourth quarter of 2008. That reflected lower consumer spending, a further fall in business investment and a rapid run-down in stocks, in part offset by stronger net exports as the past depreciation of sterling began to take effect. Business surveys continue to point to a similar rate of contraction in the early part of this year. Unemployment has risen markedly. Credit conditions faced by companies and households remain tight.

世界經濟活動繼續走弱,反映低迷的信心和國際授信市場揮之不去的各種問題。在英國,2008年第4季產出量銳減,反映比較低的消費者支出水準、企業投資的進一步下滑、和存貨水準的快速減低;但先前英鎊貶值開始產生效果,淨出口比較強勁,抵銷掉部份的減退。企業調查繼續顯示,今年初仍會以相同速率縮減。失業率已經顯著上升,企業和家計部門面對的授信情勢仍然緊俏。

 

CPI inflation declined to 3.0% in January. The depreciation of sterling is adding to imported cost pressures, but pay pressures continue to wane. Inflation is likely to fall below the 2% target by the second half of the year, reflecting diminishing contributions from retail energy and food prices and the impact of the temporary reduction in Value Added Tax.

消費者物價指數年增率在1月降到3.0%。英鎊貶值增加進口成本壓力,但薪資壓力繼續消退。預期物價年增率在今年下半年會落到2%的目標之下,反映來自能源和食物零售價格的貢獻率減少,以及營業加值稅暫時減稅的影響。

 

At its March meeting, the Committee noted that the February Inflation Report had implied a substantial risk of undershooting the 2% CPI inflation target in the medium term and that a further easing in monetary policy was likely to be needed. Data released since the finalisation of the Report had not materially altered that prospect. Accordingly, the Committee concluded that a further easing in the stance of monetary policy was warranted. But the Committee also noted that a very low level of Bank Rate could have counter-productive effects on the operation of some financial markets and on the lending capacity of the banking system. On balance, the Committee decided to reduce Bank Rate by 0.5 percentage points, to 0.5%.

3月的會議中,貨幣政策委員注意到,「二月號物價情勢季報」隱含,在中期間消費者物價指數年增率有達不到2%目標的重大風險,很可能有必要進一步放鬆貨幣政策。上述報告完稿後發表的統計資料,未大幅度改變該項展望。因此,委員會論定,有理由進一步放鬆貨幣政策態度。但委員會也注意到,非常低的銀行準備金利率,對某些金融市場的運作和銀行體系的貸放能力會產生反效果,在衡量得失後,委員會決定調降準備金利率0.5個百分點,至0.5%

 

The Committee judged that this reduction in Bank Rate would by itself still leave a substantial risk of undershooting the 2% CPI inflation target in the medium term. Accordingly, the Committee also resolved to undertake further monetary actions, with the aim of boosting the supply of money and credit and thus raising the rate of growth of nominal spending to a level consistent with meeting the inflation target in the medium term.

委員會判斷,若只調降準備金利率,在中期間消費者物價指數年增率仍然有達不到2%目標的重大風險。因此,委員會也決定進行進一步的貨幣政策措施,目的在於增加貨幣和授信的供給,以便提升名目支出的成長率水準,達到中期間物價上漲目標。

 

To that end, and noting the recent exchange of letters between the Governor and the Chancellor of the Exchequer concerning the use of the Asset Purchase Facility for monetary policy purposes, the Committee agreed that the Bank should, in the first instance, finance £75 billion of asset purchases by the issuance of central bank reserves. The Committee recognised that it might take up to three months to carry out this programme of purchases. Part of that sum would finance the Bank of England’s programme of private sector asset purchases through the Asset Purchase Facility, intended to improve the functioning of corporate credit markets. But in order to meet the Committee’s objective of total purchases of £75 billion, the Bank would also buy medium- and long-maturity conventional gilts in the secondary market. It is likely that the majority of the overall purchases by value over the next three months will be of gilts.

為達上述目的,且注意到最近總裁與財政部長之間,有關為貨幣政策目的,使用「資產購買服務」的函件往返,委員會同意:英格蘭銀行首先應該發行750億英鎊的中央銀行準備貨幣,作為購買資產財源。委員會體認到,最長可能必須花三個月的時間來實行上述的購買方案。上述金額,部份將提供英格蘭銀行透過「資產購買服務」,購買民間部門資產,希望促進公司債市場的運作。但為了要達到委員會購買總額750億英鎊的目標,英格蘭銀行也會在次級市場購買傳統的中長期公債。未來三個月的購買總值,很可能大部分為公債。

 

At its future meetings, the Committee will monitor the effectiveness of this purchase programme in boosting the supply of money and credit and in due course raising the rate of growth of nominal spending, adjusting the speed and scale of purchases as appropriate.

在未來的會議中,委員會將追蹤上述購買方案,在促進貨幣和授信供給方面,以及在正常情況下,提升名目支出成長率水準的效果,在必要時,調整購買的速度和規模。

 

The minutes of the meeting will be published at 9.30am on Wednesday 18 March.

會議紀錄將於318日星期三上午9:30發表。

 

Notes to Editors

提供編輯的附註:

 

The previous change in Bank Rate was a reduction of 0.5 percentage points to 1.0% on 5 February 2009.

上一次英格蘭銀行準備金利率的變動是在200925日,調降0.5個百分點,至1.0%

 

The letter from the Governor to the Chancellor of the Exchequer, together with the Chancellor’s reply to the Governor, can be found below.

總裁致財政部長函,連同財政部長復總裁回函,見以下超連結:

Letter from the Governor to the Chancellor pdf icon(134k)

Letter from the Chancellor to the Governor pdf icon(940k)
HM Treasury website財政部網站

 

A market notice describing the procedures to be used to purchase gilts, together with some associated changes to the framework for commercial bank reserves, operational standing facilities and open market operations, will be published later today (see link below).

本日稍後將發布市場通告,說明購買公債程序,以及有關商業銀行準備金、常設存放款服務、和公開市場操作架構的一些相關修正(見以下超連結)。

Market Notice: Sterling Monetary Framework; Asset Purchases pdf icon(31k)