US asset scheme gets going

The US Treasury department said yesterday it had kicked off a state scheme to purchase toxic assets from banks in order to help them increase lending.

Invesco and TCW Group reached the $500m (£313m) threshold above which the Treasury said it would also contribute funds, in an initiative known as the Public-Private Investment Programme. The two firms injected $1.13bn into the fund, which will see the Treasury invest up to $30bn of equity and debt, to match $10bn from private investors.