What was announced was a maturity extension of the arrangements and a reduction in the interest rate charged.

FORBES: The Fed's Recent Action on Swaps

The gist of the deal calls for Greece to cut its debt to 124% of GDP by 2020 and a reduction in the interest rate charged to Greece on the loans.

FORBES: A.M. Kitco Metals Roundup: Comex Gold Modestly Lower on Chart Consolidation; U.S. Data Awaited

But if this trend in private bank money creation continues, it does augur for higher rates of monetary inflation, especially, as Chairman Bernanke suggested at Jackson Hole in August, if aided and embedded by a reduction in the rate of interest the Federal Reserve pays banks on those excess reserves.

FORBES: Monetary Watch October 2010: Banks printing money again, QE II in November?

In the Lords (from 2.30pm) questions cover the government's plans to commemorate the centenary of World War I, the need for a reduction in domestic food waste, and the interest rate rigging scandal in the City.

BBC: Week ahead