The Bank of England missed its target of £1.17 billion for its new bond buying operation, which is part of its new quantative easing programme to stimulate the economy. However, to the contrary, a buy back for bonds with shorter maturities this week was heavily oversubscribed. The new £60 billion government bond buying was announced last week and purchases will take place three times a week until October. Analysts believe that the shortfall in take up was due to the short notice of the announcement of the programme, with many institutional investors unprepared, and thin summer trading. The Bank is expected to roll over the amount it failed to buy to another auction later this year.