My understanding having spoken to someone 'in the know' is that applicants will initially attend CTC/Oxford/FTE and do their selection tests, followed by an interview with BA.
Mooney is correct, it looks identical to the old CTC-Mcalpine scheme, except the loan is provided by BBVA rather than HSBC.
It allows BA to select the guys/girls they want right from the start; the SSP scheme that operated until 2008 will be terminated.
Win-win for aspiring young pilots, and for the company. Good luck to all applying.