| Auction Number: BOJ/R-14/20250310/309 Auction Date: Monday, 10 March 2025 |
TO: ALL DEPOSIT-TAKING INSTITUTIONS
RE: Auction for Jamaica Dollar Liquidity for 14-day Repurchase Operation
Bank of Jamaica is receiving applications for the provision of Jamaica Dollar liquidity to deposit-taking institutions on the following terms:
| Instrument Type: | Repurchase |
| Settlement Date: | Tuesday, 11 March 2025 |
| Maturity Date: | Tuesday, 25 March 2025 |
| Tenor: | 14-days |
| Auction Amount: | JMD 2,000,000,000.00 |
| Pricing Format: | Competitive Auction for the full amount |
The conditions for participation in the operation are as follows:
- Bids will be accepted up to 10:00am on Monday, 10 March 2025
- Bids will be received by email sent to BOJAuction@boj.org.jm An automatic acknowledgement will be sent. If an entity has not received this acknowledgement, please follow-up with a telephone call by 10:00am to any of the telephone numbers listed: 876-832-8516, 876-823-4546, and 876-819-9080.
- There is a minimum bid size of JMD100 million for participation in the operation.
- The Bank has determined a minimum interest rate, for eligibility in the auction. In that regard, bids submitted below the minimum will be deemed ineligible for the participation in the auction.
- Each DTI may submit up to three (3) competitive bids in the operation.
- The interest rate for bids should not exceed two (2) decimal places. The Bank will truncate the interest rate to be consistent with this requirement.
- The allocation of bids will start at the highest interest rate to the lowest interest rate, until the auction amount is fully allotted or all bids are fully allocated.
- Successfully allotted bids will be settled at the interest rate of the bid.
- Institutions must submit the nominal value of securities to be used as collateral for the bid at the time of making the bid application[1].
- Subsequent to the notification of successful bid or unsuccessful bid, the final collateral to be delivered for successful bids will be confirmed by the Trading Room.
- All confirmed transactions will be effected in JamClear®-CSD for settlement in JamClear®-RTGS.
- Settlement will not occur until all eligible collateral are in the Bank’s custody[2]. In that regard, the tenor of the loan will be contingent on this. Note the maturity date will remain as stated above.
- The Bank reserves the right to reject any bid for any reason and without explanation, in whole or part, including in the light of the other bids received.
[1] The usual collateral requirements will apply for all transactions conducted under this operation.
[2] Please be reminded that there are applicable charges associated with the Bank’s custody of eligible instruments that are dematerialized outside of the JamClear® CSD.
