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BoE proposes £50bn rescue package
BoE proposes £50bn rescue package
Last Modified: 21 Apr 2008
By:
Bridgid Nzekwu
A £50bn rescue package to help protect banks against the credit crisis has been unveiled by the Bank of England.
Banks will be able to exchange their potentially risky mortgage debts for government bonds.
Bank of England governor Mervyn King said the one-off move should increase confidence in the financial markets, but economists said it wouldn't undo the harm that had already been done to the economy.
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After the collapse of the US sub-prime mortgage market, the global economy is in the throes of a credit crunch.
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