The Month in Review

The Bank of England is to allow UK banks to swap illiquid mortgage-backed securities for government debt in a £50 billion move to boost liquidity. The Special Liquidity Scheme (SLS) will allow banks to use the treasury bills as collateral on loans, in theory loosening up the interbank lending market and reducing banks' funding costs. The swaps will last a year initially but may be renewed for up to three years. The Bank will accept triple A-rated RMBS as collateral, among other forms of debt. An

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