for firms wishing to become participants in the Bank of
England’s Term Funding Scheme
The Term Funding Scheme (TFS) is part of the Bank of England’s Asset Purchase Facility. The Bank
acts as Agent for the Bank of England Asset Purchase Facility Fund Limited (BEAPFF) in relation to the
To be eligible to apply for the TFS, a firm must be a bank or building society and a Participant in the
Discount Window Facility, which is part of the Bank’s Sterling Monetary Framework (SMF).
The Bank may require other entities within the applicant’s group to provide a guarantee in respect of the
applicant’s obligations to the Bank and BEAPFF. Such a guarantee must conform with the pro forma
guarantee published by the Bank on its website:
The Bank may seek
a legal opinion in respect of the guarantee which must conform with the pro forma legal opinion on the
guarantee published by the Bank on its website.
The Bank will require applicants incorporated outside of the UK to provide a legal opinion from a suitably
qualified and experienced in-house lawyer or external counsel on its constitutional capacity to enter into
the TFS documents; and the Bank may require the provision by the applicant of a legal opinion on the
enforceability of the SMF Documentation in its jurisdiction of incorporation by suitably qualified and
experienced external counsel. The Bank will notify the applicant when it requires these legal opinions to
be provided and these must conform with the pro forma legal opinions published by the Bank on its
The Bank reserves the right to make checks to verify any information that has been supplied with this
Eligibility and continued access to the TFS will be dependent upon a Participant and other members of its
TFS Group acting, in the opinion of the Bank, in good faith and in a manner consistent with the objectives
of the TFS. Access to the TFS is subject to the terms governing its use provided by the Bank (including,
without limitation, the TFS Terms and Conditions and Operational Procedures).
Instructions for completing this form
Please complete this application form and send a scan of a signed copy to
The Declaration and Application sign off must be completed and signed by (an) authorised signatory(ies)
for the applicant.
Overview of the Form
Section 1: General questions
Section 2: Front Office Contact Details
Section 3: Authorised Signatory Evidence Form
Section 4: Declaration and Application Sign Off