Monetary Policy Committee members voted unanimously to maintain both the interest rate at 0.5 per cent and the asset purchase programme at £375bn this month.
The decision was revealed in the minutes of the meeting held by the committee on 1-2 August.
It said the decision had been "relatively straightforward" and that the committee would consider the impact of the Funding for Lending scheme and its implications on potential policy options.
The Funding for Lending scheme was launched earlier this month and aims to encourage banks to lend to families and small businesses by offering lower costs.
The committee said: "The FLS had the potential to improve funding conditions for banks materially and to encourage lending, thus providing some support to both demand and supply.

"These effects might be particularly marked if the FLS allowed some households and companies to borrow who had been previously been unable to obtain bank credit.
"Set against that, the FLS might prove less effective if uncertainty and risk aversion among households and businesses were the dominant factors holding back spending in the current environment."
It said these factors could mean the effectiveness of the latest £50bn addition of asset purchases was limited.
Regarding inflation, the committee noted it remained above the Bank's two per cent target at 2.6 per cent but said it would "remain close to the target" in the coming months.
The next meeting will be held on 5 and 6 September.