Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co. have agreed on a simpler structure for a $75 billion fund that would help steady credit markets, The New York Times reported. The banks hope to have it up and running by the end of the year, but analysts and investors wonder if it will actually help.

The three largest U.S. banks have committed only $5 billion to $10 billion each to the fund, with the intention that other financial institutions will fund the rest. Banks could benefit if the fund helps boost the packaged loan market, which provided huge profits until recently.

However, analysts and investors believe the fund won’t save structured investment vehicles, which banks and hedge funds created to pool home, automobile and credit card loans. About 30 SIVs have about $250 billion in assets they need to get rid of, which the fund won’t be able to cover if all investors decide to sell at once.

The fund could encourage SIV note holders to extend their notes by assuring them a ready buyer, which might delay the SIVs’ demise. However, the backup fund plans to charge SIVs a fee of up to 1 percent for participation, which could be too steep to get them to join.