21/04/2008 (Agence Europe) - The British Central Bank, the Bank of England, on 21 April announced plans to assist banks and thus help to resolve the mortgage crisis. The "Special Liquidity Scheme" consists of the option for banks, where the majority of assets are made up of bad credit, temporarily to exchange these "non-liquid” bonds for Treasury Bills. Bills for a total of 50 billions of pounds Sterling will be made available on a threshold basis, according to a Bank of England press release (http: //http://www.bankofengland.co.uk/publications/news/2008/029.htm ). The European Commission is currently in favour of the initiative, but according to one of its spokespersons, Jonathan Todd, “it is too early to say whether this constitutes State Aid”, which would require Commission approval. (C.D.)