"Britain's five leading high street banks have as much as 95.3 billion pounds (USD 175 billion) of distressed assets on their books that may qualify for the American bailout scheme," The Times reported.
If the British banks tap into the bailout package to the maximum, they could secure one quarter of the USD 700-billion being made available, the The Times reported.
"Under the terms of an outline agreement that appeared to have been reached by US policymakers last night, Britain's lenders will be able to use the facility," the report added.
The securities together held by the five British lenders can be transfered to a federally-backed Treasury fund.
The Times said under the proposed terms of bailout package, non-US financial institutions must have significant operations in America
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