By Matt Falloon and Christina Fincher 1 hour, 17 minutes ago LONDON (Reuters) - The Bank of England moved to ease the effects of a credit crunch on the UK's banking system on Monday by offering to swap secure government bonds for riskier mortgage debt.It is initially offering 50 billion pounds worth ($100 billion) of gilt-edged securities but the size of the scheme will depend on how much banks need to get lending going again -- and how much they're willing to stump up in costly collateral.
"There is no arbitrary limit on it," Bank of England Governor Mervyn King told reporters.
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