Special Liquidity Scheme
A scheme introduced in 2008 by the Bank of England with the aim of improving the liquidity of the banking system which was damaged by the financial crisis. Under the scheme banks and building societies were allowed to swap their high-quality mortgage-backed and other securities for UK Treasury bills for up to three years. The swaps were essentially a loan of taxpayer assets which the Bank of England hoped would restart the money market by adding liquidity. The scheme closed in January 2012; all drawings under the scheme had been repaid. See also quantitative easing.
Reference: Oxford Press Dictonary of Economics, 5th edt.