In June, the Bank of England quietly announced that it would no longer be accepting bonds associated with coal operations for key loan arrangements. It is the latest move to encourage a shift away from thermal coal for electricity production. The Bank of England said it would no longer be allowing commercial banks to use bonds linked to thermal coal as "collateral" when borrowing money from the financial institution. The Bank of England stated that thermal coal companies "can be exposed to potential financial risks connected to the adjustment of the economy towards net zero," in its policy statement. The Bank of England's policy is stricter than that of similar financial institutions, such as the European Central Bank.