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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

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To: elmatador who wrote (33489)	4/20/2008 4:35:24 PM
From: Haim R. Branisteanu	Read Replies (1) of 217649

20 Apr 2008 17:08 GMT BoE to unveil 50 billion pound rescue package - reports LONDON (Thomson Financial) - The Bank of England is set to unveil a rescue package of around 50 billion pounds to shore up the UK's fragile banking system, weekend press reports revealed. The Bank's Governor, Mervyn King, has finalised details of the emergency plans, which have been worked on together with the UK's biggest banks and the Treasury. In an unprecedented move, the Bank's intervention will involve it taking over mortgage loans held by the banks on their balance sheets and swapping them for new government bonds. The bonds are likely to have a maturity of a year and be rolled over for three. By swapping illiquid assets for liquid assets, the Bank hopes it will break the paralysis in the money markets, which has meant that banks have not been lending to each other. The Bank wants to free up the mortgage securities that are held on the banks' balance sheets, which are untradeable at the moment. edward.mcallister@thomsonreuters.com ejm/cw COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. UK has pop 61 million - US 304 million so 50 Pounds are close to $100 and if compared to the US it is equal to the FED pumping $500 billion ......... WOW

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