RBS to tap special liquidity scheme for £34bn - papers

On Thursday RBS launched a third securitisation this year for £14bn - with the previous two packaging up £20bn of mortgages between them - through its new securitisation vehicle, Greenock Fund 3 and is likely to be used to access the Bank of England's (BoE) SLS. The lender's move is further proof that the funding crisis is as severe as ever. By securitising a book of mortgages, RBS will be able to access funding from either the SLS should it need further funds. The Treasury suffered a record £16bn plunge into the red last month as the recession hit tax revenues, according to The Times. ...