(Bloomberg) -- The UK is still determining who will be able to access the £40 billion liquidity fund it’s creating for the energy industry, amid market rumblings that trading shops and hedge funds could also be eligible.

“We are working on the eligibility criteria for the scheme with the Bank and will update in due course,” a spokesperson for the UK Treasury said in a statement to Bloomberg News.

European governments are bailing out utilities across the continent as sharp swings in gas and power prices trigger sudden liquidity constraints via huge margin calls.

The Treasury and the Bank of England launched the Energy Markets Financing Scheme in early September as an emergency backstop for companies hobbled by increased collateral requirements in energy derivatives markets.

“There will be a rigorous assessment process, and firms will also have to agree to a wider set of conditions before accessing the scheme,” the government said at the time.

Also See: UK’s Biggest Tax Cuts Since 1972 Prompt Crash for Pound, Bonds

©2022 Bloomberg L.P.