Bank of England 推定する／予想するs balance sheet to halve when QE 逆転するd
By David Milliken
LONDON, July 17 (Reuters) - The Bank of England's balance sheet is likely to 概略で halve to around 275-375 billion 続けざまに猛撃するs ($341-465 billion) when the time comes to 逆転する quantitative 緩和, a 上級の 公式の／役人 said on Wednesday.
It 現在／一般に 越えるs 600 billion 続けざまに猛撃するs, having ballooned after the 財政上の 危機 as the BoE bought hundreds of billions of 続けざまに猛撃するs of British 政府 社債s to 上げる the economy.
以前, the BoE said it 推定する／予想するd its balance sheet to 縮む when it 最終的に 逆転するs quantitative 緩和, but not to return to pre-危機 levels 予定 to a long-称する，呼ぶ／期間／用語 増加する in 商業の 貸す人s' 需要・要求する to 持つ／拘留する reserves at the central bank.
On Wednesday Andrew Hauser, the BoE's (n)役員／(a)執行力のある director for markets, gave a 明確な／細部 見積（る）, and explained how the BoE ーするつもりであるs to 減ずる any 味方する-影響s of gilt sales on banks' day-to-day cash 管理／経営.
"The ... 枠組み that we are 提案するing ...will 許す the size of the balance sheet to be 決定するd 独立して from the 量 and composition of quantitative 緩和 and quantitative 強化するing," he said.
The structure of the BoE's balance sheet 影響する／感情s how changes in 利益／興味 率s are passed on to borrowers, and the 緩和する with which banks can send each other money, though the BoE does not think it 運動s the 容積／容量 of bank lending in Britain.
現在／一般に, as a 味方する-影響 of QE, 財政上の 会・原則s 持つ／拘留する far higher reserves at the BoE than they would 普通は need to 容易にする interbank 支払い（額）s and 会合，会う short-称する，呼ぶ／期間／用語 liquidity needs.
Based on conversations with 会社／堅いs, Hauser said the 財政上の system probably only needs to 持つ／拘留する 150-250 billion 続けざまに猛撃するs of reserves - 概略で a third to half the 現在の level.
追加するing other 義務／負債s such as banknotes in 循環／発行部数, this would 示唆する the BoE's balance sheet should be 275-375 billion 続けざまに猛撃するs - 同等（の） to 12%-18% of 年次の 経済的な 生産（高） - after quantitative 緩和 has been 逆転するd, he said.
He said there was no "mechanical link" between that 人物／姿／数字 and the 量 of gilts the BoE will need to sell, and that banks' 願望（する） to 持つ／拘留する reserves would not put a cap on gilt sales.
Sales are likely to be some time away. The BoE has 以前 said it will not start to sell 負かす／撃墜する its 435 billion 続けざまに猛撃するs of gilt holdings until Bank 率 rises to around 1.5%.
The BoE 計画（する）s to 持つ／拘留する open market 操作／手術s to lend reserves to banks at the 勝つ／広く一帯に広がるing Bank 率, which it said would give it more 柔軟性 over how it managed its balance sheet while it sold gilts 支援する to the market.
However, market 利益／興味 率s were likely to carry a わずかに greater 賞与金 and be somewhat more volatile as banks adjusted to the new system, Hauser said.
"As a one-off 転換, this is ありそうもない to be of 広大な／多数の／重要な significance to the setting of 通貨の 政策," he said.
($1 = 0.8066 続けざまに猛撃するs) (報告（する）／憶測ing by David Milliken, editing by Michael Holden and John Stonestreet)
