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Tag: Press Release

  • PRESS RELEASE : Rishi Sunak to meet leaders on Europe’s northern frontier to strengthen efforts to counter Russian aggression [December 2022]

    PRESS RELEASE : Rishi Sunak to meet leaders on Europe’s northern frontier to strengthen efforts to counter Russian aggression [December 2022]

    The press release issued by 10 Downing Street on 19 December 2022.

    • The Prime Minister will meet his Nordic, Baltic and Dutch counterparts at the second in-person leader gathering of Joint Expeditionary Force in Riga today
    • He will call on the group to sustain their strong military support to Ukraine in 2023, and announce a major new artillery package
    • The Prime Minister will then travel on to Estonia to meet UK troops and sign a new technology partnership with Estonia to bolster digital ties

    Prime Minister Rishi Sunak is set to travel to Latvia today [Monday] to discuss ongoing efforts to counter Russian aggression in the Nordic and Baltic region with his Joint Expeditionary Force (JEF) counterparts.

    The JEF brings together ten like-minded nations who share a commitment to democracy, human rights and the rule of law, as well as a long history of shared military operations.

    Acknowledging the regional challenges faced by the Nordic and Baltic countries, including Russia’s continued aggression, the Prime Minister will call on leaders at JEF to sustain or exceed 2022 levels of support for Ukraine in 2023 through ongoing lethal aid, economic resilience and political backing.

    His call will come as the UK announces it will supply hundreds of thousands of rounds of artillery ammunition next year, under a £250 million contract that will ensure a constant flow of critical artillery ammunition to Ukraine throughout 2023.

    The UK is already Europe’s leading provider of defensive aid to Ukraine, including sending Multiple Launch Rocket Systems and recently, 125 anti-aircraft guns. We have also provided more than 100,000 rounds of ammunition since February, with the deliveries directly linked to successful operations to retake territory in Ukraine.

    The Prime Minister personally updated President Zelenskyy on the new support last week, which will form part of the UK’s 2023 package of defensive aid.

    Prime Minister Rishi Sunak said:

    From the Arctic Circle to the Isle of Wight, the UK and our European allies have been in lockstep in our response to the invasion of Ukraine, and we remain steadfast in our ambition for peace in Europe once again.

    But to achieve peace, we must deter aggression and our deployments across the region together are vital in ensuring we are able to respond to the gravest of threats.

    I know this Joint Expeditionary Force summit will only underline our close friendships and unwavering support for Ukraine.

    The JEF meeting, which brings together the leaders of Denmark, Finland, Estonia, Iceland, Latvia, Lithuania, the Netherlands, Sweden, Norway and the United Kingdom, will also be addressed by President Zelenksyy.

    At the summit the leaders will discuss the defensive capabilities needed by Ukrainian forces, including further air defence. They are also expected to accelerate cooperation among JEF nations, bolster intelligence sharing, strengthen defences to hybrid threats and protect critical national infrastructure. As part of that increased collaboration, they will also discuss support to Finland and Sweden ahead of their accession to NATO, and scaling up joint exercises to further strengthen the JEF alliance.

    Following the JEF summit, the Prime Minister will meet the newly-reappointed Latvian Prime Minister Krišjānis Kariņš, underscoring the close partnership between the two countries, before traveling on to Estonia, where he will meet UK and NATO troops serving on NATO’s eastern flank.

    He will also sign a new innovative tech partnership with the Prime Minister of Estonia, Kaja Kallas. The joint partnership is set to harness the shared expertise between the two countries, helping both the UK and Estonia bolster technology ties and support new digital infrastructure.

    The agreement will see both countries accelerate digital research and innovation, and strengthen cooperation across health, education, cyber security, data and connectivity.

  • PRESS RELEASE : UK signs agreement on offshore renewable energy cooperation [December 2022]

    PRESS RELEASE : UK signs agreement on offshore renewable energy cooperation [December 2022]

    The press release issued by the Department for Business, Energy and Industrial Strategy on 18 December 2022.

    • The agreement between the UK and the North Seas Energy Cooperation (NSEC) sets the framework for greater cooperation with North Seas neighbours.
    • Collaboration on development of offshore renewable energy and grid infrastructure essential for meeting UK net zero commitment and bolstering European energy security
    • Initiative expected to support the UK’s ambitious targets to increase offshore wind fivefold to 50GW by 2030.

    The UK Minister for Energy and Climate Graham Stuart has today (18 December) signed a landmark agreement on renewable energy cooperation with EU and North Seas countries.

    The Memorandum of Understanding with the North Seas Energy Cooperation (NSEC) forum fulfils commitments in the UK-EU Trade and Cooperation Agreement (TCA), enabling the UK to work with NSEC members to develop renewables projects in the North Seas – specifically projects linking electricity interconnectors and windfarms. The countries involved include Belgium, Denmark, France, Germany, Ireland, Luxembourg, Netherlands, Sweden, Norway and the European Commission, signalling a new phase in UK-EU cooperation.

    The MoU sets out the terms for future cooperation between the UK and NSEC and enables closer cooperation in the development of offshore renewable energy, including offshore grids in the North Seas.

    The initiative is expected to support the UK’s ambitious targets to increase offshore wind fivefold to 50GW, and deliver 18GW of electricity interconnector capacity – up from 8.4 GW today – by 2030.

    Minister of State for Energy and Climate, Graham Stuart, said:

    I’m pleased to agree even greater energy cooperation with our North Seas neighbours, which will be vital in helping the UK meet it ambitious renewables target, including increasing offshore wind fivefold to 50GW by 2030.

    The development of renewables in the North Seas is critical for accelerating our clean transition and boosting energy security for the UK and our European neighbours.

    The UK currently sends and receives electricity through cables that link us with neighbours like France, Belgium and the Netherlands. The agreement bolsters the mission to facilitate further interconnection.

    Analysis by National Grid Electricity System Operator shows that a well-integrated grid linked to offshore wind farms can deliver savings to consumers of up to around £3 billion.

    The former Prime Minister Liz Truss set the ground for the MoU at the European Political Community summit in Prague in October, setting out the strong case for close cooperation with the UK’s European neighbours on energy security and boosting renewables.

  • PRESS RELEASE : North Korea missile launches – Foreign Office Statement [December 2022]

    PRESS RELEASE : North Korea missile launches – Foreign Office Statement [December 2022]

    The press release issued by the Foreign Office on 18 December 2022.

    A Foreign, Commonwealth & Development Office spokesperson said:

    North Korea continues to violate UN Security Council Resolutions by launching two medium-range ballistic missiles on 18 December.

    We call on North Korea to prioritise the well-being of their people instead of the illegal pursuit of nuclear and ballistic missile programmes. The UK, alongside our allies and partners, is committed to peace on the Korean Peninsula, the upholding of the rules-based international system and securing an end to North Korea’s illegal activities.

  • PRESS RELEASE : Tribute to Lord David Ramsbotham [December 2022]

    PRESS RELEASE : Tribute to Lord David Ramsbotham [December 2022]

    The press release issued as a tribute to Lord David Ramsbotham by the Prison Reform Trust on 16 December 2022.

    Lord David Ramsbotham — as good as it gets

    Everyone at the Prison Reform Trust, and everyone with an interest in prison reform, will have been saddened by the news of David’s passing this week. He was literally and metaphorically a towering figure in our world — instantly recognisable for his bearing and the meticulous care with which he framed his devastating critique of all that needed changing in our prison system.

    Indefatigable is probably the best the dictionary can offer to describe his persistence and energy, but it feels completely inadequate. Until a very short time before his death, he was as active and as sharp as ever; a fount of wisdom and a polite but incessant reminder to those in authority about where their duty lay in  the care of the people we choose to imprison.

    He never forgot the gap that can exist between what the policy says should happen and the real experience of people on the ground.

    David set a standard for prison inspection — and the personal courage of the Chief Inspector — that has long outlived his tenure of that office. Whatever the Home Office expected when he was appointed in 1993, it got a good deal more than it had bargained for. Prisons are a secret, forgotten world for most of the time, and can suffer political neglect as a consequence. David recognised that he could change that, bringing the work of the inspectorate firmly into the public eye as a means to force change in a public service that desperately needed it. I first came across him when I was a young policy civil servant in the prison service, and I suspect he would have been quietly pleased to know that I and my colleagues found ourselves irritated and frequently wrong footed by him. But face to face he was unfailingly generous and quick to assume that, whatever your role, you would be as enthusiastic to change things for the better as he was. If a little fur needed to fly to achieve that, there was no need to take it personally.

    David set a standard for prison inspection — and the personal courage of the Chief Inspector — that has long outlived his tenure of that office.

    After entering the House of Lords, David developed a mastery of the parliamentary process to match his skill in navigating Whitehall. He co-chaired the All Party Parliamentary Group for Penal Affairs for many years until very shortly before his death. His presence undoubtedly encouraged a steady stream of ministers and other senior office holders to expose themselves to the careful scrutiny of that group, and most would leave both challenged and better informed about the history of the problems which they were charged to solve. David’s support of many and varied charities devoted to helping people in prison said much about his passion, but also meant that he was continually one of the best informed people in any room. He never forgot the gap that can exist between what the policy says should happen and the real experience of people on the ground.

    As a consequence he leaves something of a chasm in our world. But he will also be remembered with huge affection at a personal level. He had an astonishing memory for people, perhaps especially for those at the bottom of the pile. It would be inconceivable for David to treat a prisoner with any less respect or attention than a secretary of state, and his recall not just of individuals, but of their achievements and opinions, was extraordinary. It is easy to conjure up an image of David speaking in the Lords, chairing meetings or being interviewed on the TV, but I think that stored knowledge of people speaks to someone who listened as brilliantly as he spoke.

    We have lost a great man.

    Peter Dawson
    Director

  • HISTORIC PRESS RELEASE : Government Task Force on the industrial Use of Energy [April 1998]

    HISTORIC PRESS RELEASE : Government Task Force on the industrial Use of Energy [April 1998]

    The press release issued by HM Treasury on 9 April 1998.

    The Government Task Force on the industrial use of energy, chaired by Sir Colin Marshall, held its first meeting on 6 April.

    Sir Colin Marshall was appointed by the Chancellor, Gordon Brown, as announced in the recent Budget, to examine the use of economic instruments to improve the industrial and commercial use of energy, and to help reduce greenhouse gas emissions.  The Government Task Force will assist him in carrying forward this important exercise.

    The UK has taken a strong lead internationally on the issue of climate change.  Later this year, a legally binding commitment will be agreed as part of the EU’s undertaking at Kyoto to reduce greenhouse gas emissions.  All sectors of society will need to play their part in meeting this.

    Within industry, the Government believes that economic instruments may offer the potential to achieve greenhouse gas reductions most cost-effectively.  The Chancellor has asked Sir Colin Marshall to consider whether and, if so, how best to use economic instruments – such as an industrial energy tax and/or other market mechanisms – to improve the industrial and commercial use of energy and to help reduce industrial emissions of greenhouse gases.

    Sir Colin Marshall and the Task Force intend to consult widely throughout industry and with other interested parties in the preparation of the report, which the Chancellor has asked for by the start of November 1998.

    A consultation paper will be issued shortly, seeking responses as to whether, and if so, how best, economic instruments – such as an industrial energy tax and/or other market mechanisms – could be used to improve the industrial and commercial use of energy, and to help reduce emissions of greenhouse gases. All interested parties are invited to contribute their views at that stage.

    Sir Colin Marshall said:

    “I am looking forward to the work that lies ahead for myself and the Task Force.  These are truly vital issues. I want to give an opportunity to everyone who has an interest to feed in views, and hope that as many people as possible will take time to respond to the consultation paper.”

  • HISTORIC PRESS RELEASE : Pension firms asked for ongoing commitment to put right pension mis-selling [April 1998]

    HISTORIC PRESS RELEASE : Pension firms asked for ongoing commitment to put right pension mis-selling [April 1998]

    The press release issued by HM Treasury on 8 April 1998.

    The latest monthly figures from firms show steady progress in clearing up pensions mis-selling, Economic Secretary, Helen Liddell announced today.

    The end-March figures for the 41 companies she is monitoring show:

    • reviews of about 69 per cent of priority cases are nowcompleted;
    • 7 firms have yet to complete half their cases, and
    • 14 firms have now completed over 75 per cent of their cases.

    Publishing the figures, Mrs Liddell said:

    “Most of the 41 firms have continued to make steady progress but this must be sustained.At the same time firms must also look to the next phase of the review, and build on the consultation launched by the regulators last month.”

    Mrs Liddell said she appreciated the constructive reaction of the Association of British Insurers (ABI) to the regulators’ initiative on the second phase of the review, and hoped it would continue over the months ahead.

    The Minister also welcomed the ABI’s plans to assist and encourage Independent Financial Advisers to carry out their pension reviews.She said :

    “These proposals give welcome recognition to the fact that each and every firm’s good name is dependent on the reputation of the industry as a whole.  Firms must work together to clean up the industry’s image. “

  • HISTORIC PRESS RELEASE : Better protection for mortgage borrowers – Helen Liddell announces further regulatory reform measures [April 1998]

    HISTORIC PRESS RELEASE : Better protection for mortgage borrowers – Helen Liddell announces further regulatory reform measures [April 1998]

    The press release issued by HM Treasury on 7 April 1998.

    Measures to ensure customers receive adequate protection when they take out a mortgage were announced today by the Economic Secretary, Helen Liddell.

    The Treasury will have the power to extend the Financial Services Authority’s (FSA) regulatory responsibilities to include mortgages as part of the proposed regulatory reform bill. It could, if necessary, be used if the Code fails to give sufficient protection. The Council for Mortgage Lenders (CML) voluntary Code will be kept under regular review to ensure it is providing adequate protection for customers.

    The Code will be reviewed against a number of factors,including:

    the extent to which the Code secures good quality advice for prospective borrowers; how well the Code provides remedies for borrowers’ legitimate grievances.

    There will be a formal review in 1999 and,depending on the outcome, an interim one in 2000 and further formal reviews every two years after that. The review will also include regular reports from the CML, independent intelligence and, an on-going consultation process with CML about how the Code is working.

    Announcing the measure, Helen Liddell said:

    “Taking out a mortgage is probably the most significant transaction most ordinary people undertake in their lifetime. I want to ensure that they receive the protection they are entitled to expect.

    “I am aware that the CML and its members are making a serious investment in the success of the Mortgage Code and we will allow the Code a fair trial. However, if the Code fails to provide adequate protection for consumers we will not hesitate to use the reserve power in the regulatory reform bill and give the Financial Services Authority statutory power to regulate mortgages.”

    The Minister also announced that it would be possible for the Treasury to extend the scope of regulation to retail banking and non-life insurance (this includes a wide range of products from motor insurance to health insurance). These areas, too, will be kept under review. However, regulation would not be extended without consultation, including an appraisal of the costs and benefits.

    Mrs Liddell said:

    “We have no plans at present to extend the scope of regulation into these areas but standards of conduct in these markets and the risks faced by consumers will be kept under review.

    “As we are now in the process of setting up a regulatory framework which will see us well into the next century, we want to ensure that we have relevant powers available to us if action is required.”

    The Minister also took the opportunity of welcoming the FSA’s consultation document on the design of their handbook. She said:

    “The FSA’s main aim is to ensure that their handbook is accessible and easy to use by managers and advisors in the financial services industry. Self discipline is the key to good regulation. This consultation gives the industry the opportunity to shape the way regulation will work in future. It is in the industry’s hands to get involved in the process.”

    Mrs Liddell announced that the proposed legislation would give the FSA a flexible rule-making power to impose requirements anywhere along the spectrum from broad principles to detailed rules. These must be consistent with the imperative for different approaches to wholesale and retail business.

    The Minister said:

    “Of course we have to distinguish between the retail and wholesale ends of the markets. At the retail end, where businesses have better information, customers must have proper protection. But at the wholesale end we must ensure the regulatory regime is light and flexible enough to give the industry the opportunity to develop and innovate and compete in global markets.”

    A consultation document on the future of the Insurance Brokers Registration Council (IBRC) was also issued today. The Government is reviewing the system of registration and professional governance of insurance brokers, and wishes to consult with the industry and others concerned whether it would be advisable to remove its present statutory basis. Such a change would involve repealing the Insurance Brokers

    (Registration) Act 1977 as part of the regulatory reform bill. Insurance intermediaries who arrange life insurance business, whether described as ‘insurance brokers’ or by any other title, will be subject to authorisation by the FSA.

    Mrs Liddell said:

    “We have not yet adopted a final view on the way ahead and welcome views of brokers, insurers and consumer representatives.

    “We will continue to look to this sector to provide competitive and high quality services for clients.We are also looking wider, to the insurance industry as a whole, to work with its customers in maintaining confidence in the ways non-life insurance is distributed.”

  • PRESS RELEASE : Industry experts appointed to accelerate development of future tech as Chancellor sets out vision for 21st century Silicon Valleys [December 2022]

    PRESS RELEASE : Industry experts appointed to accelerate development of future tech as Chancellor sets out vision for 21st century Silicon Valleys [December 2022]

    The press release issued by HM Treasury on 18 December 2022.

    • Five leading industry experts appointed to accelerate development and deployment of emerging tech in the UK, as Chancellor sets out vision to create the Silicon Valleys of the 21st century.
    • Experts will work hand-in-hand with industry and Sir Patrick Vallance to advise on new rules that use the UK’s regulatory freedom to promote innovation.
    • Second in a series of big growth announcements, following the Edinburgh Reforms of financial service regulation announced last week.

    The Chancellor and Business Secretary have laid out plans for a series of exciting growth announcements across 2023 in five high potential sectors – digital technology, green industries, life sciences, advanced manufacturing and the creative industries – using the UK’s regulatory freedom outside the EU to pursue an ambitious vision to create the 21st century’s Silicon Valleys in the UK.

    As set out at the Autumn Statement, the Government Chief Scientific Adviser and National Technology Adviser, Sir Patrick Vallance, will review existing rules and help develop a pro-innovation regulatory approach that allows the UK to fulfil its ambition to become a science superpower and world leader in key growth sectors such as digital technology and life sciences.

    The UK is one of the best places in the world to invest, with over £10 billion committed to projects in 2021. However, with other countries also rapidly reforming their rules, anticipating how the landscape for emerging technologies will change is becoming an increasingly important source of competitive advantage in the global economy and could help drive up living standards, such as breakthroughs in medical research that put the UK at the front of the queue for new treatments.

    The aim of the review is to establish the UK as the best regulated economy in the world in key growth sectors, ensuring that industry and investors have the certainty then need to drive innovation, investment and growth through anticipating new developments in emerging technologies. Quantum technologies for example, though in early stages of development, have the potential to improve vaccine and drug discovery and development, advanced navigation technologies, and enhanced sensors helping us to deliver better and more targeted services in the UK.

    Five leading experts have been appointed to support Sir Patrick Vallance, working hand-in-hand with industry to identify any barriers to innovation and getting emerging technologies to market.

    Matt Clifford, Chair of the new Advanced Research and Invention Agency (ARIA), and Priya Lakhani OBE, a member of the AI Council, have been appointed to support work to harness new digital technology such as artificial intelligence.

    Sir John Bell, who is on Genomics England’s board of directors, and Camilla Fleetcroft, Eclevar UK’s Vice-President of Clinical and Regulatory Affairs, will work on cultivating the life sciences sector and help drive the next generation of discoveries, such as delivering genomics-enabled clinical trials.

    Jane Toogood, Chief Executive of Catalyst Technologies at Johnson Matthey, will take forward work on building green industries like hydrogen and battery development in the UK.

    Chancellor of the Exchequer Jeremy Hunt said:

    “I want British firms to lead the world in turning fantastic science into new products and services – and we need to make sure government is doing everything we can to encourage innovation and competition.

    “We have already set out how we will back our formidable financial services sector to unlock private investment in new industries, and we will show the same ambition in other high-growth sectors to ensure that future Silicon Valleys are based here in the UK.

    “The countries that secure leadership in new technologies will lead the world, enjoying unparalleled growth, security and prosperity for decades to come – and it is our job to ensure the UK is able to fully reap the rewards.

    “Sir Patrick and his team will be critical as we harness every tool at our disposal to create the industries and jobs of the future, which will deliver long-lasting benefits for local communities across the UK.”

    The Chancellor has already set out plans to repeal and replace hundreds of pages of burdensome EU retained laws through the ‘Edinburgh Reforms’, which will establish a less costly and more responsive regulatory framework for the financial services sector. This includes a commitment to make substantial legislative progress over the course of 2023 on repealing and replacing EU-era Solvency II – the rules governing insurers balance sheets which is expected to unlock over £100 billion of private investment for productive assets such as UK infrastructure.

    Business Secretary Grant Shapps added:

    “Economic growth and raising productivity is critical if we are to improve the standards of living for all Brits. One of the most sure-fire ways to deliver both is betting big on innovation, which is exactly what we intend to do.

    “Backed by this fierce new team of advisers, Sir Patrick Vallance will lead the charge alongside industry to supercharge growth in some of the world’s most exciting growing technologies, turning the UK’s natural strengths into pillars for long-term growth.”

    By creating markets and promoting and protecting competition, regulation plays an important role in enabling new entry and disruption and fostering incentives for innovation. For example, thanks to the government’s Contracts for Difference scheme, the UK is bringing forward over 26GW of new renewable energy, while driving competition and innovation which has pushed down the cost of offshore wind by 70% in seven years.

  • HISTORIC PRESS RELEASE : David Simon urges British business to prepare for the Euro [April 1998]

    HISTORIC PRESS RELEASE : David Simon urges British business to prepare for the Euro [April 1998]

    The press release issued by HM Treasury on 3 April 1998.

    David Simon, joint DTI and Treasury Minister working with business to accelerate preparations for the euro launch, said today:

    “British business must be ready for the opportunities and challenges of the introduction of the single currency on 1 January 1999.”

    Attending the first of three regional breakfast meetings with local business leaders focusing on euro preparations, he continued:

    “The launch of the euro is now less than nine months away. It will have a fundamental impact on the European business  environment.  Even though the UK is not joining next year, British business must be ready to seize the opportunities and prepare for the challenges that the euro will bring.

    “Preparation is the key to success. The Government is committed to helping business to compete effectively in a market where many firms will be using the euro from January 1999.

    “These discussions will enable me to listen first hand to the views of business people on what they are doing to prepare for the euro, and what the Government can do to help.”

    David Simon was speaking in Bristol at the first of threebreakfast meetings with business leaders.  Other meetings will be held in Belfast on 9 April and Manchester on 23 April.

    Chancellor of the Exchequer Gordon Brown said last October that the Government was committed to stepping up work on what business should do to prepare for the euro launch in 1999.  These meetings are an important part of that process.

    President of the Board of Trade Margaret Beckett will chair a regional seminar on 5 May in Birmingham.  Further seminars are planned for Wales and Scotland.  These seminars are another opportunity for government to hear directly from business what preparations are underway and what more needs to be done.

  • HISTORIC PRESS RELEASE : UK official holdings of foreign currency and gold: March 1998 [April 1998]

    HISTORIC PRESS RELEASE : UK official holdings of foreign currency and gold: March 1998 [April 1998]

    The press release issued by HM Treasury on 2 April 1998.

    UK OFFICIAL HOLDINGS OF FOREIGN CURRENCY AND GOLD: MARCH 1998

    Part I: UK Government Reserves

    The overall level of the UK Government’s spot reserves fell by $6 million in March, bringing the end-March total to $36,527 million (21,814 million Pounds) compared with $36,533 million (22,199 million Pounds) at the end of February.

    The underlying change in the reserves was a decrease of $1 million.

    The underlying change excludes factors that are included in the overall change.  In March:

    there were repayments of $6 million of public-sector borrowing for which the Government has provided an exchange-rate guarantee under the Exchange Cover Scheme (ECS); and

    receipts from Government ECU Treasury bills issued exceeded repayment on those maturing by $1 million.

     $ million
    end-March reserves  36,527
    less
    end-February reserves  36,533
    OVERALL CHANGE  -6
    less adjustments  5
    UNDERLYING CHANGE  -1

    After the annual revaluation, the reserves stood at $34,219 million (20,435 million Pounds).

    Part II: Bank of England Holdings of Foreign Currency and Gold

    The level of the Bank of England’s spot holdings of foreign currency and gold was $2,961 million (1,768 million Pounds ) at end-March compared with $6,660 million (4,047 million Pounds) at the end of February.

     $ million
    end-March holdings  2,961
    less
    end-February holdings  6,660
    OVERALL CHANGE  -3,699

    The change in the Bank’s holdings includes changes in foreign-currency and gold deposits placed with the Bank by overseas central banks and other customers and the change in valuation over the month.

    The change also includes a decrease of $3,729 million in the Bank’s spot holdings due to the net effect of foreign-exchange swaps conducted in the first quarter of 1998 in the course of the Bank’s money-market operations.  These foreign-exchange swaps were
    undertaken as a supplement to the Bank’s usual money-market techniques to provide sterling liquidity to the market.  The operations are purely technical in nature and have no monetary-policy significance; they are likely to be used from time to time in the future, depending on market conditions.