Banks set up fund to bail out investment vehicles

NEW YORK, Oct 15 (Reuters) Banks including Citigroup, Bank of America Corp. and JPMorgan Chase&Co said on Monday they were setting up a facility to prevent certain funds from having to dump assets into the market.

The master liquidity enhancement conduit, or M-LEC, will agree to buy qualifying assets from funds known as structured investment vehicles.

(Reporting by Dan Wilchins, editing by Gerald E. McCormick) REUTERS SI RN1902