Bank of England facilitates bank debt swap
(AP)
<p><a href="http://us.rd.yahoo.com/dailynews/rss/health/*http://news.yahoo.com/s/ap/20080421/ap_on_bi_ge/britain_credit_crisis"><img src="http://d.yimg.com/us.yimg.com/p/ap/20080421/capt.3fbc2af838e74f1783d3f278e0993aff.britain_credit_crisis_lst102.jpg?x=130&y=86&q=85&sig=5d59vpHObc4zS8CMDBQxIA--" align="left" height="86" width="130" alt="The Bank of England is seen in the City of London, Monday, April 21, 2008. The Bank of England has announced a 50 billion pounds (US$100 million euro63 billion) plan to allow banks to swap mortgage-backed securities for Treasury bills. The bank is aiming to unblock the interbank lending market and restore normal lending practices hampered by the subprime credit crisis. The central bank said Monday that it is offering the asset swaps for one year, but renewable for up to three years. The swaps are available only for assets which existed at the end of last year, and the Bank of England says the risk of losses on loans remain on the commercial banks. (AP Photo / Sang Tan)" border="0" /></a>AP - The Bank of England, aiming to deal with the crippling impact of the U.S. subprime mortgage crisis, on Monday announced a $100 billion plan to allow banks to swap mortgage-backed securities for British Treasury bills.</p><br clear="all"/>

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