And, yes, I DO take it personally: $100B USD = £50.4480B GBP

Monday, April 21, 2008

$100B USD = £50.4480B GBP

uh... i'm confoozed... here's a story from today about a £50B BofE bail-out...

Bank details £50bn lending boost

The Bank of England has announced details of a plan to help prevent the credit crisis causing more damage to the UK banking system and economy.

Banks will be able to swap potentially risky mortgage debts for £50bn of secure government bonds to enable them to operate during the credit squeeze.

The Bank's governor, Mervyn King, said the scheme aimed to improve liquidity in the banking system.

It should also increase confidence in financial markets, he added.

Under the scheme, banks will be allowed to swap their "high quality" mortgage debts for government securities.

The swap will be for a period of one year and may be renewed for a total of three years.

and here's a story i posted on saturday about a $100B BofE bank bailout...

The Bank of England is planning to provide around $100 billion of support to British banks and lending institutions.

The cash package is designed to help banks cope with the after effects of the subprime mortgage crisis in the United States.

Britain's banks have for years raised vital finance by selling tens of billions of pounds of mortgages to international investors.

But last August the market closed down which is why mortgages and other loans have become harder and more expensive to obtain.

The Bank of England plans to fill the breach, and next week it will announce a proposal to pump new money into the banking system for up to three years.

It will offcer to swap government bonds with a maturity of up to a year for the bank's unsellable mortgage assets.

i'm assuming it's the same story, only one is expressed in u.s. dollars and the other in british pounds... here's the conversion based on today's dollar/pound exchange rate...

from xe.com...