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US government to buy up banks' toxic assets

Staff Reporter 1 minute read

The Obama administration overnight announced a raft of incentives for private investors to help rid banks of up to US$1 trillion (A$1.4 trillion) in toxic assets.

The plan is anticipated to help banks start lending again by removing devalued loans and assets from their balance sheets.

The U.S. Treasury said it will launch the program with US$75 billion (A$106.6 billion) to US$100 billion (A$142.1 billion) from existing financial rescue funds Reuters reported.

President Obama said the plan was a critical step towards economic recovery, but conceded there was still a lot of work and long way to go.

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US government to buy up banks' toxic assets
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