Bank Of England Plan Addresses Credit Crunch

Law360 (April 21, 2008, 12:00 AM EDT) -- The Bank of England launched a plan on Monday to bring much-needed liquidity to the nation's home loan markets by letting banks temporarily exchange some of their mortgage-backed securities for U.K. treasury bills, while the European Union is reportedly investigating the plan.

A spokesperson for the EU's competition watchdog said on Monday that the EU is “in touch” with British authorities about the plan, it is “far too early to start speculating about whether it is state aid” under the EU's competition rules, Agence France Presse...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.