UK names ex-Credit Suisse banker to assets agency

Sun Aug 2, 2009 10:42am EDT

* ex-banker Jeremy Bennett to be agency's interim CEO

* Search for permanent CEO under way

LONDON Aug 2 (Reuters) - Britain has appointed former Credit Suisse banker Jeremy Bennett as the acting head of the Asset Protection Agency, the body created to insure almost 600 billion pounds ($992.5 billion) of risky bank debt, a Treasury spokesman said.

The spokesman said on Sunday that a search for a permanent chief executive for the agency was under way, and that Bennett did not wish to be considered for the role.

The Asset Protection Agency is responsible for administering a scheme aimed at helping troubled banks by allowing the taxpayer to bear some of the losses they incur from risky loans and credit-related securities.

Royal Bank of Scotland (RBS.L) and Lloyds Banking Group (LLOY.L), both partly government-owned after accepting state aid during last year's banking crisis, respectively want to place 325 billion pounds and 260 billion pounds' worth of assets into the scheme.

Negotiations between the two banks and the government over the final terms of the programme are still under way. ($1=.6045 Pound) (Reporting by Myles Neligan)