UK backing £167bn of overseas bad debt - papers

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British taxpayers stand behind more than £167bn of toxic assets in the US, Ireland, the Middle East and beyond, it has emerged as the Treasury disclosed details of what Royal Bank of Scotland has dumped in the state insurance scheme for bad debts.

The Telegraph says most of the £281.9bn of assets RBS has placed under taxpayer protection are based outside the UK, with loans secured against everything from negative equity properties in Dublin to hedge fund assets in Caribbean tax havens and container ships docked in ports around the world. In a document released quietly on its website on Monday, the Treasury revealed the full make-up of the portfolio of assets taxpayers are now supporting through the Government's Asset Protection Scheme (APS). Full story...

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