SIVSSummer Industry Vocational Scheme (University of Adelaide; Australia)
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Bank of America said in a statement that it and its partners ''have determined the vehicle is not needed at this time,'' referring to the proposed fund designed to bail out troubled structured investment vehicles, or SIVS, hit by a credit crunch.
SIVS are off-balance-sheet vehicles set up by banks to invest in mortgage-backed securities whose value has been slashed by a collapse in US subprime mortgages, which were loans made to people with poor or non-existent credit histories.