Decision on Asset Protection

RNS Number : 7494P

Barclays PLC

30 March 2009

 



BARCLAYS PLC

30 March 2009

Decision on Asset Protection Scheme

Asset Protection Scheme

Barclays has continued to assess the potential benefits and costs of participation in HM Treasury's Asset Protection Scheme (APS) announced on 19 January 2009.

Following further careful assessment and discussions with major shareholders, the Board of Barclays has determined that it would not be in the interests of its investors, depositors and clients to participate in the APS.

Financial management and trading

On 27 March 2009, Barclays confirmed that its capital position and resources were expected to meet the capital requirements of the UK Financial Services Authority after application of a detailed stress test to determine resilience to stressed credit risk, market risk and economic conditions.  

Barclays continues to manage its balance sheet and capital position actively.

Since the beginning of 2009, Barclays has continued to sell credit market exposures following the disposals effected in 2008 and has done so at or around their carrying values. 

The trading performance of the Barclays Group in 2009 continues to be strong.

Update on sale of iShares

Barclays is discussing the potential sale of its iShares business with a number of interested parties. These discussions are progressing well. 

John Varley, Group Chief Executive, Barclays, said:  

'In making our judgement about the Asset Protection Scheme, we have looked carefully at the economics of participation, and we have talked to many investors.  This has led us to today's decision.'

-ENDS-

For further information please contact:

Investor Relations	Media Relations
Stephen Jones	Alistair Smith
[phone]	[phone]

About Barclays

Barclays is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services with an extensive international presence in Europe, the United States, Africa and Asia. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs 156,000 people. Barclays moves, lends, invests and protects money for 48 million customers and clients worldwide. For further information about Barclays, please visit our website www.barclays.com.

Forward-looking Statements

This announcement contains (or may contain) certain forward-looking statements with respect to certain of Barclays plans and its current goals and expectations relating to its future financial condition and performance and which involve a number of risks and uncertainties. Barclays cautions readers that no forward-looking statement is a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statements. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as 'will', 'would', 'could', 'aim', 'anticipate', 'target', 'expect', 'envisage', 'estimate', 'intend', 'intention', 'plan', 'goal', 'believe', or other words of similar meaning. Examples of forward-looking statements include, among others, statements regarding Barclays future financial position, income growth, profit before tax, impairment charges, business strategy, projected levels of growth in the banking and financial markets, projected costs, estimates of capital expenditure, expected capital ratios, plans with respect to dividend payments, and plans and objectives for future operations of Barclays and other statements that are not historical fact.

By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances, including, but not limited to, UK domestic and global economic and business conditions, the effects of continued volatility in credit markets, liquidity conditions in the market, market-related risks such as changes in interest rates and exchange rates, the policies and actions of governmental and regulatory authorities, changes in legislation, the further development of standards and interpretations under International Financial Reporting Standards ('IFRS') applicable to past, current and future periods, evolving practices with regard to the interpretation and application of standards under IFRS, the outcome of pending and future litigation, the success of future acquisitions and other strategic transactions and the impact of competition, a number of which factors are beyond Barclays control. As a result, Barclays actual future results may differ materially from the plans, goals, and expectations set forth in Barclays forward-looking statements. Any forward-looking statements made herein by or on behalf of Barclays speak only as of the date they are made. Except as required by the FSA, the London Stock Exchange or applicable law, Barclays expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this announcement to reflect any changes in Barclays expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.

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