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The Bank of England said Wednesday it has extended a facility that allows high street banks to swap mortgage-backed securities for government bonds to boost liquidity amid ongoing market chaos. The facility, which was launched in April, has now been extended until the end of January because of the ongoing financial turmoil, the BoE said in a statement.
The special liquidity scheme had been due to expire in October. "In view of the current disorderly market conditions, the Bank of England is today announcing an extension of the drawdown period for its special liquidity scheme to provide additional time for banks to plan their access to the scheme in an orderly fashion," the British central bank said. Since the credit crunch erupted in August 2007, Britain's main home loan providers have tightened their lending criteria as fears persisted over exposure to the collapsed subprime housing market in the United States.

Copyright Agence France-Presse, 2008

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