Hmm, not sure about that description of this:
Alistair Darling will unveil an unprecedented scheme to offer £50 billion in taxpayer-backed loans to high street mortgage lenders today in an attempt to solve the credit crisis.
Under the plans, to be unveiled this morning, the Bank of England will swap Treasury bills for mortgage debts and other collateral from the banks. The total size of the loans will be dictated by demand.
Isn\’t that exactly what the Fed has been doing over in the States? Allowing mortgage bonds to be used as collateral?
Still, aside from that, should help I suppose but then I\’m no finance maven.