NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT The Bank of England holds foreign exchange reserves in support of its policy objectives. These reserves are separate from the Government’s own foreign exchange reserves, which the Bank manages as the Treasury’s agent. Pursuant to the Market Notice published on 23 September 2025, the Bank of England announced that it would shift to targeting two benchmark issuances annually to finance its foreign exchange reserves with a regular timetable, a high degree of transparency and a group of banks to market and distribute each issue. FCA/ICMA stabilisation applies.
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