Funding boost for UK banking system
The Bank of England (BoE) is to announce details of a plan allowing banks to secure Government funds.
Under the scheme, banks will be allowed to swap mortgage debts in return for Government bonds to help them function during the credit crisis.
Chancellor Alistair Darling announced the plans but insisted the loans would have to be paid back. Around £50 billion worth of Government securities are expected to be exchanged in the first instance.
