If the problem is indeed that large, the bank board will need to turn to the Treasury, seeking a taxpayer bailout.

"I do not see at this time any need for a taxpayer bailout," he said.

And most industry specialists predict that a large taxpayer bailout will be needed.

The matter received heavy criticism because it followed a £42bn taxpayer bailout of the banking system.

Unfortunately, United's attempts to force a taxpayer bailout didn't end there.

"There are many other things the Congress could consider before it gets to a taxpayer bailout," he said.

But they predict that in the end there will be little choice other than to approve a taxpayer bailout of the system.

The plan called for a $700 billion taxpayer bailout of financial institutions.

These on-target experts tell us there will be a taxpayer bailout.

He played down suggestions that a taxpayer bailout will be required.