The U.K. Council of Mortgage Lenders' (CML) hopes of kick-starting the U.K. RMBS and covered bond markets have been quashed before they ever got off the ground, although they have at least challenged the notion that some solution must be implemented to get U.K. mortgage lending going again.

CML warned last month that the Bank of England's special liquidity scheme (SLS) has not helped banks raise the necessary funding to reawaken the mortgage market and said the government needed to act immediately to improve the situation before it deteriorated further.

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