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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: British PM urges banks to come clean over bad assets AFP - Saturday, January 17 LONDON, (AFP) - - Prime Minister Gordon Brown told British banks Saturday they must own up to the extent of their bad assets amid more reports his government could launch a fresh bailout of the struggling sector. In an interview with the Financial Times, Brown reportedly did not rule out the possibility that banks could get a further injection of taxpayers' money after big names including Royal Bank of Scotland were bailed out last year. His comments came as shares in RBS and Barclays plunged Friday on jitters across the sector as US giant Citigroup announced an 8.29 billion dollar fourth quarter loss and Bank of America got a 20 billion dollar state bailout. "One of the necessary elements for the next stage is for people to have a clear understanding that bad assets have been written off," Brown told the Financial Times. "We have got to be clear that where we have got clearly bad assets, I expect them to be dealt with." Officials are reportedly working on plans to buy banks' bad assets outright and place them in a "bad bank", or to underwrite the toxic assets. The industry reportedly has some 200 billion pounds (222 billion euros, 295 billion dollars) of bad assets. Email Story IM Story Printable View Blog This Recommend this article Average (1 vote) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo Britain's Prime Minister Gordon Brown, pictured during a visit to the 2012 Olympic Park construction site in east London, has told British banks they must own up to the extent of their bad assets amid more reports his government could launch a fresh bailout of the struggling sector. Most Popular – Top Stories Viewed Hormone drives sexy women to infidelity, says study 'Dogs don't wear condoms,' says Baywatch star Anderson Michelle Obama's ball gown has fashionistas abuzz Israel poised to call unilateral halt to Gaza onslaught Boy George jailed for 15 months for imprisoning escort View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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