BoE to accept £50bn MBS
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UK Chancellor Alistair Darling will today announce plans to MPs for the Bank of England to swap mortgage-backed securities held on banks’ balance sheets for government bonds. In the first operation, the Bank of England will swap up to £50bn of high-rated securities backed by mortgages and credit card loans for newly-issued Treasury bills for up to three years. Senior Treasury officials told The Times that further operations up to £100bn in size were possible in the future.
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