The Bank of England said it will lend 10 billion pounds ($20 billion) to commercial banks in an emergency three-month auction and widen the range of securities it accepts as collateral. ``This measure is being taken to alleviate the strains in longer-maturity money markets,'' the bank said in a statement today. The Bank of England, which will accept ``mortgage collateral'' in the auction, said the minimum rate it will lend at is 6.75 percent. The decision is an about-face by Bank of England Governor Mervyn King, who last week said that widening the collateral accepted by the central bank or offering money for ``longer periods'' would risk ``moral hazard.'' The government and the bank on Sept. 14 had to rescue Northern Rock Plc after the lender struggled to raise money in credit markets. http://www.bloomberg.com/apps/news?pid=20601087&sid=assp1WjgAThI&refer=home KING = BABBLER ?