Citigroup, Bank of America and JPMorgan are on Monday expected to announce plans for a massive fund to buy mortgage-linked securities. The $75bn-$100bn scheme, named the Single-Master Liquidity Enhancement Conduit (SMLEC), will be temporary and capped in value, and would not be backed by any state guarantee. SMLEC would operate as a restructuring factory, repackaging credit securities to make them more transparent and more attractive to investors. It would only deal in “highly-rated” assets. The scheme will initially focus on vehicles in the dollar market, but it is likely to be extended to European banks as well, and may even be extended to the euro market.