UPDATE 1-Buba chief sees German "bad" banks soon -paper

* Talks between govt, banks well advanced -Weber in paper

* Buba- banks could quickly start dealing with toxic assets

* Buba says no concrete timing set for moves

(Adds Bundesbank comment on timing)

FRANKFURT, March 24 (Reuters) - German banks ought to be able to start moving toxic assets off their balance sheets soon, Bundesbank President Axel Weber was quoted by a German newspaper as saying.

Talks between the government's SoFFin financial stabilisation fund, the Finance Ministry and the country's banks on establishing bad banks to handle problem securities are well advanced, Weber told regional paper Saarbruecker Zeitung.

The paper, which released a summary of its report in advance of publication on Wednesday, said Weber had indicated that results could be expected by the end of March.

A Bundesbank spokesman said there was no concrete target date for results but said officials had discussed the "bad bank" concept at length, and numerous possible models existed.

"On this basis, it would be possible to find a solution quickly," the spokesman said.

The paper quoted Weber as saying there would be no single "bad bank" grouping the depressed assets at a number of institutions, rather each bank would be able to find a solution specific to its needs.

"This means that the current owners will primarily have to bear the losses and risks," Weber said.

However, the German government would be able to cover risks linked to the long-term warehousing of the problem assets, he said.

The Obama administration this week offered a raft of incentives for private investors to help rid banks in the United States of up to $1 trillion of the toxic assets that plunged the world economy into crisis. (Reporting by Jonathan Gould, editing by Will Waterman)