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US financial plan not to have "bad bank" -CNBC

Published 02/09/2009, 07:46 PM
Updated 02/09/2009, 07:48 PM

SYDNEY, Feb 10 (Reuters) - The U.S. Treasury has dropped plans to establish a "bad bank" to buy distressed assets from commercial banks as part of a financial rescue package, CNBC reported on its website.

"The Obama administration's wide-ranging plan to stabilize the financial system no longer includes creating a 'bad bank' but will still contain measures to buy up toxic assets from financial institutions," CNBC reported on Monday New York time, citing a source familiar with the plan.

In addition, funding for the bank rescue plan is unlikely to exceed the $350 billion currently available under the Troubled Asset Relief Program (TARP), CNBC reported.

Treasury Secretary Timothy Geithner will unveil the package later on Tuesday. (Reporting by Wayne Cole;)

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