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The Bank of England (“BoE”) has initiated a review of its own exposure to LIBOR, and in particular, the exposure to the collateral that banks and other financial firms are asked to provide when borrowing from the BoE under the Sterling Monetary Framework (“SMF”), where the BoE only lends against collateral of sufficient quality and quantity, in order to protect itself from counterparty credit risk. https://www.cadwalader.com/resources/clients-friends-memos/the-bank-of-englands-discussion-paper-on-collateral-referencing-libor