Those tools are meant to be more of a backstop rather than a facility for ongoing liquidity provision, right? So you'd think there would be some desire to stop b/s shrinkage before that kicks in?

In the UK, they're definitely meant to be permanent liquidity provision to substitute for BoE gilt ownership. In the US, less so I think because the regime is meant to be "ample" rather than whatever we call the UK (adequate?). But the US SRF is meant to be used regularly eg. prob most Qr endsIn the UK, they're definitely meant to be permanent liquidity provision to substitute for BoE gilt ownership. In the US, less so I think because the regime is meant to be "ample" rather than whatever we call the UK (adequate?). But the US SRF is meant to be used regularly eg. prob most Qr ends