BOE's Fischer Says Corporate Bond Scheme Was A Success

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The Bank of England's corporate bond and commercial paper schemes have succeeded in helping to improve key markets and facilitating access to credit, the central bank's executive director for markets Paul Fischer said on Thursday.

He said the scheme was vindicated by the surprisingly small increase in the level of company insolvencies during the recession, given the fall in output. But he admitted that the major supportive factor probably came from low interest rates and the bank's quantitative easing.

Fischer, who is a member of the Bank of England's Monetary Policy Committee, did not comment on the outlook for monetary policy in his speech to business people in London.

The Bank of England's corporate bond and commercial paper schemes have succeeded in helping to improve key markets and facilitating access to credit, the central bank's executive director for markets Paul Fischer said on Thursday. (Market News Provided by RTTNews)