The item ‘other sterling bills’ in Table 4 is composed mainly of commercial bills drawn on banks and firms resident in the United Kingdom and on the London offices of overseas banks and having a maximum maturity not ordinarily longer than six months. Also included are the Treasury bills of the Northern Ireland government and bills issued by local authorities, but the preponderance of commercial paper is sufficient to allow use of the figures as an indicator of changes in the discount houses’ holdings of their traditional asset.
KeywordsTrade Bill Liquid Asset Treasury Bill Bank Rate Commercial Paper
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