Banks on bailout

The Heads of eight US banks have sought to reassure a Congressional hearing that the government\'s banking bailout has been well spent.



The eight banks have so far received 166 billion dollars of public funds.



They had secured their bailouts under the 700 billion dollar Troubled Asset Relief Program first unveiled by President George W Bush in October.



In defending their need for the bailout, the chief executives of firms including Citigroup and Bank of America told the House Committee they have increased lending and prevented many foreclosures.



The executives were also asked to explain how they had spent their funds so far, and the extent to which this had enabled them to raise lending levels.



The committee meeting came amid concerns about what has been described as a lack of accountability in spending by large firms.