eligible paper

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1 Treasury bills, short-dated gilts, and any first-class security, accepted by a British bank or an accepting house and thus acceptable by the Bank of England for rediscounting, or as security for loans to discount houses. The Bank of England's classification of eligible paper influences portfolios because of the ability to turn them into quick cash, and thus reinforces the Bank's role as lender of last resort.

2 Acceptances by US banks available for rediscounting by the Federal Reserve System.

Subjects: Financial Institutions and Services — Accounting.

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