In a plea to sort out the mess once and for all, Gordon Brown asked the UK banks to fez up and tell him exactly what toxic assets they have on their books yesterday. In an interview with the Financial Times, the prime minister said that he had been urging the
banks for almost a year to write down their bad assets.
“One of the
necessary elements for the next stage is for people to have a clear
understanding that bad assets have been written off,” he said. “We have got to be clear that where we have got clearly bad assets, I expect them to be dealt with.”
This is all part of the build up to an announcement expected this week where the government takes over all of those toxic assets, in order to allow the banks to move on and start lending again.
As Robert Peston at the BBC refers to it, we shall create the First Septic Bank.
Mind you, isn't that what we're doing anyway?
Copyright: Banx, 2009