Paul Fisher, markets director at the Bank of England, said the central bank's programme of purchasing bonds spurred demand for corporate debt, while its monetary policies supported asset prices. "The big moves in asset prices during 2009 -- a 50% rise in equities, 150 basis point fall in Libor spreads, the 150 basis point fall in targeted corporate-bond spreads, for example -- will have been strongly supported by the bank's monetary-policy operations," Fisher said.

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