The new divalent thulium compound [Tm(BH(4))(2)(DME)(2)] could be prepared by reduction of [Tm(BH(4))(3)(THF)(3)] or from TmI(2) and KBH(4). It was used as a precursor to the divalent [(Tp(tBu,Me))Tm(BH(4))(THF)] by reaction with potassium tris(2-tBu-4-Me)pyrazolylborate (KTp(tBu,Me)). Both Tm(II) compounds were found active as ε-caprolactone polymerisation catalysts.