Final Results - Year Ended 31 Dec 1999, Part 1

Barclays PLC
15 February 2000

Part 1
                          1999 Results Announcement
                                BARCLAYS PLC

                PRELIMINARY ANNOUNCEMENT OF RESULTS FOR 1999


                                               Page


Summary                                          1

Financial highlights                             3

Chairman's statement                             4

Chief Executive's statement                      5

Summary of results                               8

Consolidated profit and loss account             9

Consolidated profit and loss account 
for the ongoing business                        10

Consolidated balance sheet                      11

Financial review                                12

Additional information                          40

Notes                                           42

Consolidated statement of changes
in shareholders' funds                          56

Statement of total recognised gains and losses  56

Summary consolidated cashflow statement         57

Other information                               59


The information in this announcement, which was approved by the Board of
Directors on  14th February 2000, does not comprise statutory accounts
within the meaning of Section 240 of the Companies Act 1985.  Statutory
accounts, which are combined with the Group's annual report on Form 20-F to
the US Securities and Exchange Commission and which contain an unqualified
audit report, will be delivered to the Registrar of Companies in accordance
with Section 242 of the Companies Act 1985.  The 1999 Annual Review and
Summary Financial Statement will be posted to shareholders at the beginning
of March and the Group's annual report will be posted to shareholders who
have requested it towards the end of March 2000.

This document contains certain forward-looking statements within the meaning
of the United States Private Securities Litigation Reform Act 1995 with
respect to certain of the Group's plans and its current goals and
expectations relating to its future financial condition and performance.  By
their nature, forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances, many of which are
beyond the Group's control.  As a result, the Group's actual future results
may differ materially from the plans, goals, and expectations set forth in
the Group's forward-looking statements.

  BARCLAYS PLC, 54 LOMBARD STREET, LONDON EC3P 3AH, TELEPHONE [phone]
                                          15th February 2000
                          
                            BARCLAYS PLC - SUMMARY

                   RESULTS FOR YEAR TO 31ST DECEMBER 1999

                                         1999          1998
                                           £m            £m
                                                           
Operating profit before provisions*     3,564         2,539
                                                           
Provisions for bad and doubtful         (621)         (492)
debts
                                                           
Provisions for contingent                 (1)          (76)
liabilities and commitments
                                                           
Operating profit*                       2,942         1,971
                                                           
Restructuring charge                    (344)             -
                                                           
Exceptional items                       (138)             1
                                                           
Former BZW businesses                       -          (33)
                                                           
Write-down of leases                        -          (40)
                                                           
Write-down of fixed asset                   -           (4)
investments
                                                           
Profit before tax                       2,460         1,895
                                                           
Tax charge                              (649)         (533)
                                                           
Profit attributable to shareholders     1,759         1,317
                                                           
Earnings per share                     117.5p         87.2p
                                                           
Earnings per share (based on           142.8p         89.6p
operating profit above)*
                                                           
Dividend per share                      50.0p         43.0p

* Operating profit shown above excludes the 1999 restructuring charge.  In
  1998, operating profit excludes residual losses of the former BZW
  businesses and is stated prior to the write-down of leases as a result of
  the Finance Act 1998.

Profit and loss items reported below are on a similar basis.  In addition,
earnings per share and post tax return on average shareholders' funds
reported below exclude exceptional items and write-down of fixed asset
investments.


-    Operating profit rose 49% to £2,942 million (1998: £1,971 million).
  
-    Operating income increased 13% to £8,364 million (1998: £7,416
  million).  Operating costs at £4,800 million (1998: £4,877 million) were
  tightly controlled.
  
-    Earnings per share increased by 59% to 142.8p (1998: 89.6p).
  
-    Post-tax return on average shareholders' funds improved to 25.0% (1998:
  17.3%).  The Group's target post-tax return on equity in the short term is
  at least 20% per annum.
  
-    The dividend increased by 16% with a second interim dividend of 32.5p
  (1998: 27.5p) making 50p per share for the year (1998: 43p).  The Group
  maintains a progressive dividend policy, to achieve a cover of at least two
  times earnings, on a maintainable basis.
  
-    Economic profit, including exceptional items and restructuring charges
  but excluding the charge for the write-back of goodwill on disposals,
  increased to £986 million (1998: £471million).
                                      
                                      
                           BARCLAYS PLC - SUMMARY
                                      
-    Assessing businesses on the basis of economic profit imposes a strong
  capital management discipline.  The Group's aim is to maintain a minimum
  tier 1 ratio of 7% and risk asset ratio of 10%.
  
-    Shareholders' funds were £8.5 billion at 31st December 1999 (1998: £7.8
  billion) and the tier 1 ratio was 7.5% (1998: 7.3%).  The Group's economic
  capital requirement is estimated to be around £7.0 billion to support its
  current business requirements and to allow for future growth.
  
-    Share buy-backs will continue to be used as an efficient and flexible
  capital management tool.  They allow for tier 1 capital to be reduced and
  surplus funds to be returned to shareholders.  In 1999, the Group returned
  £500 million of capital to shareholders.
  
-    Retail Financial Services increased operating profit by 16% to £1,713
  million (1998: £1,477 million).  Net interest income improved by 5%
  reflecting strong volume growth in UK consumer lending and extended credit
  balances at Barclaycard.  Net fees and commissions grew 3% predominantly
  within Wealth Management.  Total costs at £2,723 million (1998: £2,852
  million) benefited from greater efficiencies and the impact of the 1999
  restructuring programme.
  
-    Corporate Banking produced a good underlying performance.  Net interest
  income rose 5% after adjusting for a £20 million debt recovery in 1998.
  Fees and commissions increased 13% as a result of increased lending related
  fees and foreign exchange related income.  Total costs were maintained at
  1998 levels.
  
-    Barclays Capital operating profit of £316 million (1998: operating loss
  of £270 million) reflects a strong performance and the return to stability
  in the financial markets.  Both the Rates and Credit businesses performed
  well despite a more challenging trading environment in the second half of
  the year.
  
-    Barclays Global Investors operating profit was lower at £43 million
  (1998: £52 million) as a result of increased investment in the business.
  Total assets under management rose strongly to £486 billion (1998: £370
  billion).
  
-    The restructuring charge of £344 million for 1999 primarily relates to
  Retail Financial Services and Corporate Banking.  Gross reduction in job
  numbers of 7,500 has been achieved from the 1999 restructuring programme and
  the Barclaycard change programme.
  
-    Total provisions for bad and doubtful debts rose by £129 million to
  £621 million, mainly as a result of higher levels of new and increased
  provisions reflecting strong volume growth within Retail Financial Services.
  This was offset partly by the absence of new and increased provisions of
  £153 million charged in 1998 in respect of Russian counterparties.  Releases
  and recoveries also fell by £61 million to £250 million.
  
-    The exceptional loss of £138 million is mainly in respect of the loss
  on the sale of Merck Finck and Co, which included £138 million of goodwill
  previously written-off to reserves.

                                
                                      
                            FINANCIAL HIGHLIGHTS

                                         1999          1998
RESULTS                                    £m            £m
Net interest income*                    4,627         4,353
Non-interest income*                    3,737         3,063
Operating income*                       8,364         7,416
Operating expenses*                   (4,800)       (4,877)
Operating profit before provisions*     3,564         2,539
Provisions for bad and doubtful         (621)         (492)
debts
Provisions for contingent                 (1)          (76)
liabilities and commitments
Operating profit*                       2,942         1,971
Restructuring charge                    (344)             -
Exceptional items                       (138)             1
Former BZW businesses                       -          (33)
Write-down of leases                        -          (40)
Write-down of fixed asset                   -           (4)
investments
Profit before tax                       2,460         1,895
Profit attributable to shareholders     1,759         1,317
Profit retained                         1,013           671

BALANCE SHEET                                              
Shareholders' funds                     8,483         7,842
Loan capital                            4,597         3,734
Total capital resources                13,432        11,890
Total assets                          254,793       219,494
Weighted risk assets                  115,878       109,800
                                                           
PER ORDINARY SHARE                          P             P
Earnings                                117.5          87.2
Earnings (based on operating profit     142.8          89.6
above)*
Dividend                                 50.0          43.0
Net asset value                           568           519
                                                           
PERFORMANCE RATIO                           %             %
Post-tax return on average               21.2          16.9
shareholders' funds
Post-tax return on average                                 
shareholders' funds
(based on operating profit above)*       25.0          17.3
                                                           
RISK ASSET RATIO                                           
Tier 1                                    7.5           7.3
Total                                    11.3          10.6
                                                           
GROUP YIELDS, SPREADS & MARGINS             %             %
Gross yield                              6.84          7.81
Interest spread                          2.88          2.69
Interest margin                          3.40          3.42
                                                           
EXCHANGE RATES                          US$/£         US$/£
Period end                               1.62          1.66
Average                                  1.62          1.66


*The 1999 results for the ongoing business exclude the restructuring charge.
 The 1998 results exclude the residual losses of the former BZW businesses
 and are stated prior to the write-down of leases as a result of the Finance
 Act 1998.


                            CHAIRMAN'S STATEMENT

Our strong financial performance in 1999 has taken place against a backdrop
of rapid change in the financial services industry, which is being
revolutionised by increased competition, technology and consumer demand.

The scale of competition in the financial services industry has changed
dramatically in recent years.  The advent of the euro, the removal of legal
and political trade barriers and consolidation and merger activity is
transforming banking into a global industry.  We must now measure our
performance against the highest standards world-wide and I believe that one
aspect which clearly differentiates Barclays from the competition is our
strong brand which has both domestic recognition and international stature.

Advances in technology are also driving change and continue to reduce
barriers to entry in our industry.  While this increases the speed and
variety of new entrants to the market, it also provides us with tremendous
opportunities to re-engineer the way we do business and create new and
innovative products and services for our customers.

The competitive environment is increasingly fierce, not least because our
customers are progressively more discerning and their needs more diverse.
As our customers' lives become busier and more disparate their expectations
of financial organisations are undergoing a transformation.  Customers'
needs range from the speed and convenience of electronic channels to the
personal face to face contact of our branch network.  As governments become
less paternalistic the demand for products such as personal pensions and
health care provision increases.  To ensure that we continue to understand
and respond to our customers' changing demands we spent significantly on
customer research programmes in 1999.

While our customers are more discerning, our stakeholders too are more
active in questioning the behaviour of large prominent corporates such as
Barclays.  We aim to be a responsible employer and corporate citizen by
proactively providing attractive opportunities for staff, making a positive
contribution to the community and addressing issues of social concern such
as the pressing problem of financial exclusion, where we seek to provide
innovative and sustainable solutions.  These solutions range from developing
new products and services through to working with organisations in affected
communities such as credit unions, consumer support groups and charities.

This has been a challenging year for the business and particularly for our
people.  The appointment of David Allvey as Group Finance Director has
enhanced a strong management team which will gain immensely from the
leadership of our new Group Chief Executive, Matthew Barrett.  With their
contribution and the skills and continuing commitment of all our people, I
am confident that the value we add to our customers, shareholders and the
community will increase.

Sir Peter Middleton GCB
Group Chairman

                                
                         CHIEF EXECUTIVE'S STATEMENT

1999 was an excellent year for Barclays.  Profit before tax was £2.46
billion, a 30% increase on last year.  Earnings per share were 117.5p and
our post-tax return on equity was 21.2%.  These achievements, and our
underlying strengths, give me confidence that Barclays has enormous
potential for future growth.  With this in mind the total dividend payout
for the year is 50p, a 16% increase over 1998.

Certainly we start from a very sound base, as our 1999 figures demonstrate.
Retail Financial Services, which represents some 60% of the Group's
operating profit, increased profit by 16% to over £1.7 billion.  All the
major retail businesses performed well and present significant growth
opportunities.  Corporate Banking achieved operating profit of nearly £1
billion.  We have a first-class middle market business, which is a UK
leader, and around one quarter of UK companies bank with us.  Barclays
Capital achieved a complete turnaround with a profit of £316 million and
made significant progress in extending its franchise, while taking less
risk.  Barclays Global Investors' operating profit was £43 million, and
reflected increased investment in a number of strategic programmes.  Assets
under management grew by over 30% to £486 billion.

While I am pleased with these achievements, I am also convinced that the
Group can raise performance to even higher levels and meet a target of
doubling economic profit every four years.  Many of the elements and
initiatives to get there are already in place, but we must accelerate the
pace and sharpen our focus.

In addition to targeting traditional areas of growth, my colleagues and I
intend to get there by transforming our management framework and approach,
setting our priorities for top-line growth, re-engineering our technological
infrastructure and aggressively seeking improved productivity.  We will do
all this by having committed employees and by ensuring our customers
associate our brand with the highest quality of professional service.  We
will do it, too, within the strong capital and risk management framework for
which Barclays is known.

Implementing a rigorous, value-based management framework

Our guiding focus will be the creation of value for our shareholders, using
the management framework called value-based management or VBM.  Its
yardstick of economic profit, that is, profit after deducting the cost of
capital employed, enables management to compare the relative performance of
all our lines of business.  Once VBM is up and running, all our lines of
business across the Group will be judged by the standard of their potential
to double economic profit every four years, calculated on a rolling basis
across the business cycle.  Performance management and incentives will also
be aligned to economic profit.  We believe this framework will allow us to
unlock the hidden value of our capital, skills and reputation and meet our
overarching goal of maximising shareholder value.

VBM favours three major pillars of financial discipline: revenue growth,
higher productivity, and tight capital management.  These three are
interdependent and when properly handled, they are mutually re-enforcing.
Barclays has already made good progress on cost-control and capital
management, although we have more to do particularly in terms of costs.  Now
we are developing significant opportunities for growth across the Group,
both in traditional revenue streams and in new e-commerce initiatives.

                                
Portfolio mix and growth opportunities

In Retail Financial Services we aim to bring our market share of savings,
investments and domestic mortgages more in line with our share of current
accounts.  Barclaycard is the leading European card brand with the potential
to extend its market still further.  In Wealth Management, where we already
have several strong businesses and large customer bases, we believe we can
be a European leader in this attractive market.

In Corporate Banking we will build on our leading position in the UK middle
market as well as the substantial cross-border trading between the UK and
continental Europe where our presence in nine European countries gives us a
competitive advantage.

For Barclays Capital there are growth opportunities in the European markets
as the sophistication of European corporates and investors increases.  The
bond market in Europe is underdeveloped relative to North America, giving us
plenty of room to grow.  Our debt-focused model has already yielded strong
results.

Barclays Global Investors continues to invest, recognising the need to
maintain its strong global position.  BGI has developed a new generation of
higher-margin products and is now making progress in high growth markets
such as defined contribution pensions and exchange traded funds.

Transforming our technology infrastructure

Our plans for accelerating the technological transformation of Barclays
offer the greatest opportunities, both to grow traditional revenues and
especially to win a large share of the business currently passing under the
heading e-commerce.  Five years from now, there will be no distinct
e-businesses or dotcom companies; only companies that have learned how to
change their business model and survived, and those that have fallen by the
wayside.  A bank with the brand value of Barclays, 300 years of trust and
integrity, and a customer base that a dotcom business would envy, is
particularly well placed to take advantage of this new economy.

We are also, however, well aware of the pitfalls.  We do not plan to buy
market share by sacrificing margins but to introduce new technology in step
with our customers' willingness to pay for it.  Our long record of firsts in
information technology proves, in our view, that big banks can be leaders in
this field and make profits in it.

Already, we are pioneering customer applications in e-commerce across all
our businesses.  In internet banking alone, we are the UK leader by a
considerable margin, with 500,000 customers at the end of last year and
plans to have more than one million by the end of 2000.  In January alone
100,000 new customers took advantage of our internet offering.  Our multi-
delivery channel approach, which gives customers a choice of internet
banking, telephone banking or a branch, will enable us to compete on service
and value and not just on price.  I believe this will be a major competitive
advantage in profitable market segments over virtual-only new entrants.  In
Corporate Banking, around 30,000 customers use our electronic banking
products, up 44% within 12 months.

Improving our productivity

Higher productivity is essential to build profitability, to fund future
investment and to allow us selectively to compete on price.  Costs were flat
in 1999, but we need a permanent commitment to productivity, in effect a
whole new way of running the bank.  We have identified potential savings by
aggressively targeting three areas:

-    The continuing transformation of our distribution network
-    The re-design of back-office systems
-    Streamlining our administrative and support overheads

                               
Our objective, by the end of 2003, is to offset inflationary and volume-
related cost increases by reducing run-rate costs by £1 billion.  This will
assist us in reaching our target of doubling economic profit every four
years.

Investing in our employees, customers and brand

Value based management will demand large resources of professional,
dedicated management.  It is well known that staff numbers are declining
across the financial services industry and this trend will continue as our
customers shift from capital-intensive distribution channels.  On the other
hand there are many more opportunities opening up for truly challenging and
rewarding careers in our industry.  If we offer our people the chance to
acquire the skills, experience and attitudes they need to build successful
careers at Barclays, we will be acting in the best interests of the Group
and our staff.  Motivated employees can give our customers what we owe them
first and foremost - professional service, along with choice, reliability
and security.

Barclays name is one of the best known for integrity and trust in the UK and
around the world.  Barclays today, however, is also about value, size,
innovation and diversity.  Our challenge is to take these strengths both new
and old and make them relevant to our customers' needs as they perceive
them.

As we do these things, we are taking long strides toward our vision of being
one of the premier financial service companies in the world.



Matthew W. Barrett
Group Chief Executive

                                
                             SUMMARY OF RESULTS
                                      
PROFIT BEFORE TAX                      1999             1998
                                         £m               £m
Retail Financial Services             1,713            1,477
Corporate Banking*                      947              991
Barclays Capital                        316            (270)
Barclays Global Investors                43               52
Businesses in Transition**                -               48
Other operations                         13            (167)
Head office functions                  (77)             (72)
Goodwill amortisation                  (13)             (12)
Provision for litigation                  -             (76)
settlement***
Operating profit                      2,942            1,971
Restructuring charge                  (344)                -
Exceptional items                     (138)                1
Former BZW businesses                     -             (33)
Write-down of leases                      -             (40)
Write-down of fixed asset                 -              (4)
investments
                                      2,460            1,895

                                       1999             1998
TOTAL ASSETS                             £m               £m
Retail Financial Services            48,726           46,197
Corporate Banking                    47,422           45,341
Barclays Capital                    144,811          114,706
Barclays Global Investors               232              183
Businesses in Transition                  -              554
Other operations and Head office      5,562            5,428
functions
Retail life-fund assets               8,040            7,085
attributable to policyholders
                                    254,793          219,494

WEIGHTED RISK ASSETS                                        
Retail Financial Services            33,362           31,546
Corporate Banking                    48,218           45,869
Barclays Capital                     32,032           29,344
Barclays Global Investors               456              207
Businesses in Transition                  -              594
Other operations                      1,810            2,240
                                    115,878          109,800

*  Figures are stated prior to the write-down of leases.
** Businesses in Transition 1998 profit before tax excludes the residual
   losses of the former BZW businesses which are shown separately.
***The 1998 provision relates to the settlement of the Atlantic litigation
   (see page 20).
                                      
                                      
                                
                    CONSOLIDATED PROFIT AND LOSS ACCOUNT

                                       1999             1998
                                         £m               £m
Interest receivable                   9,320            9,952
Interest payable                    (4,696)          (5,604)
Write-down of leases                      -             (40)
Profit on redemption/repurchase of        3                3
loan capital
Net interest income                   4,627            4,311
Net fees and commissions              2,932            2,779
receivable
Dealing profits                         561             (33)
Other operating income                  244              324
Total non-interest income             3,737            3,070
Operating income                      8,364            7,381
Administration expenses - staff     (3,057)          (2,811)
costs
Administration expenses - other     (1,807)          (1,829)
Depreciation and amortisation         (280)            (275)
Operating expenses                  (5,144)          (4,915)
Operating profit before provisions    3,220            2,466
Provisions for bad and doubtful       (621)            (492)
debts
Provisions for contingent               (1)             (76)
liabilities and commitments
Operating profit                      2,598            1,898
Exceptional items                     (138)                1
Write-down of fixed asset                 -              (4)
investments
Profit on ordinary activities         2,460            1,895
before tax
Tax on profit on ordinary             (649)            (533)
activities
Profit on ordinary activities         1,811            1,362
after tax
                                                            
Minority interests (equity and non-    (52)             (45)
equity)
Profit for the financial year         1,759            1,317
attributable to the members of
Barclays PLC
Dividends                             (746)            (646)
Profit retained for the financial     1,013              671
year
                                                            
Earnings per ordinary share          117.5p            87.2p
                                                            
Earnings per ordinary share for      142.8p            89.6p
the ongoing business
                                                            
Dividend per ordinary share:                                
First interim                         17.5p            15.5p
Second interim (payable 3rd May       32.5p            27.5p
2000)

                                
        CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE ONGOING BUSINESS
                                      
                                       1999             1998
                                         £m               £m
Interest receivable                   9,320            9,952
Interest payable                    (4,696)          (5,602)
Profit on redemption/repurchase of        3                3
loan capital
Net interest income                   4,627            4,353
                                                            
Net fees and commissions              2,932            2,771
receivable
Dealing profits                         561             (27)
Other operating income                  244              319
Total non-interest income             3,737            3,063
Operating income                      8,364            7,416
Administration expenses - staff     (2,865)          (2,789)
costs
Administration expenses - other     (1,655)          (1,812)
Depreciation and amortisation         (280)            (276)
Operating expenses                  (4,800)          (4,877)
Operating profit before provisions    3,564            2,539
Provisions for bad and doubtful       (621)            (492)
debts
Provisions for contingent               (1)             (76)
liabilities and commitments
Operating profit for the ongoing      2,942            1,971
business
Restructuring charge                  (344)                -
Exceptional items                     (138)                1
Former BZW businesses                     -             (33)
Write-down of leases                      -             (40)
Write-down of fixed asset                 -              (4)
investments
Profit on ordinary activities         2,460            1,895
before tax

The results shown on page 9 include the 1999 restructuring charge and the
residual losses relating to the former BZW businesses and the impact of the
Finance Act in 1998.  The table above presents the consolidated profit and
loss account for the ongoing business excluding the impact of these items.


                                
                         CONSOLIDATED BALANCE SHEET

                                       1999             1998
Assets:                                  £m               £m
Cash and balances at central banks    1,166              942
Items in course of collection from    2,492            2,475
other banks
Treasury bills and other eligible     7,176            4,748
bills
Loans and advances to banks
                 - banking           13,071           20,316
                 - trading           29,585           16,296
                                     42,656           36,612
Loans and advances to customers      
                 - banking           95,006           81,469
                 - trading           18,532           14,641
                                    113,538           96,110
Debt and equity securities           59,523           50,068
Interests in associated                 106              150
undertakings and joint ventures
Intangible fixed assets - goodwill      183              196
Tangible fixed assets                 1,800            1,939
Other assets                         18,113           19,169
                                    246,753          212,409
Retail life-fund assets               8,040            7,085
attributable to policyholders
Total assets                        254,793          219,494
                                                            
Liabilities:                                                
Deposits by banks   - banking        26,915           25,951
                    - trading        17,571            8,469
                                     44,486           34,420
Customer accounts   - banking       105,027           96,099
                    - trading        18,939           12,706
                                    123,966          108,805
Debt securities in issue             23,329           17,824
Items in course of collection due     1,400            1,279
to other banks
Other liabilities                    40,140           38,191
Undated loan capital - convertible      309              301
to preference shares
Undated loan capital - non-           1,440            1,441
convertible
Dated loan capital - non-             2,848            1,992
convertible
                                    237,918          204,253
                                                            
Minority interests and                                      
shareholders' funds:
Minority interests: equity               82               51
Minority interests: non-equity          270              263
Called up share capital               1,495            1,511
Reserves                              6,988            6,331
Shareholders' funds: equity           8,483            7,842
                                      8,835            8,156
                                    246,753          212,409
Retail life-fund liabilities          8,040            7,085
attributable to policyholders
Total liabilities and               254,793          219,494
shareholders' funds

                                                                      
                              FINANCIAL REVIEW

Results by nature of income and expense

Net interest income                    1999             1998
                                         £m               £m
Interest receivable                   9,320            9,952
Interest payable                    (4,696)          (5,604)
Profit on redemption/repurchase of        3                3
loan capital
                                      4,627            4,351
Write-down of leases                      -             (40)
                                      4,627            4,311
Excluding former BZW businesses       4,627            4,353
and write-down of leases

Net interest income increased by £274m or 6%, excluding the contribution
from the former BZW businesses and the write-down of leases.  This reflected
volume growth in Retail Financial Services and Corporate Banking and an
improved contribution from the central management of Group capital.

Retail Financial Services net interest income increased by 5% to £2,959m
primarily through strong volume growth in average UK consumer lending (up
11% to £5.9bn) and average extended credit card balances (up 17% to £4.8bn).
Average UK mortgage outstandings increased by 6% to £16.1bn with gross new
lendings rising 37% to £4.8bn.  Average UK savings balances rose 7% to
£19.6bn in line with market growth.  The UK lending margin improved
reflecting a change in business mix, while the UK deposit margin narrowed
due to competitor pricing pressure and lower interest rates.

Corporate Banking net interest income rose by 5% to £1,252m after adjusting
for a £20m recovery in 1998 from two debts previously written off.  This
reflects good growth in lending volumes mainly to larger and higher quality
corporate customers.  Average customer lendings rose by 7% to £43bn as a
result of steady growth in UK lending and strong growth in international
lending.  UK large corporate lending benefited from increased acquisition
finance activity.  Average deposit volumes increased by 9% to £32bn despite
continued contraction in corporate liquidity.  Overall lending margins were
maintained, while the deposit margin has reduced slightly reflecting
stronger growth in lower margin treasury products and a reduced contribution
from non-interest earning current accounts.

Overall banking business margins fell slightly to 3.40% from 3.42%.  The
Group margin fell in the second half of 1999 compared to the first half of
1999 mainly reflecting increased volumes in the lower margin wholesale
business which is conducted in Barclays Capital.  Overall UK margins in
Retail Financial Services and Corporate Banking reduced slightly in the
second half of 1999 compared to the first half of the year.  The Group
spread improved in the year to 2.88% from 2.69% reflecting growth in
lendings to customers and a change in the funding mix.

The benefit of free funds fell from 0.73% to 0.52% largely because of lower
interest rates.

The fall in short-term market rates of interest increased the contribution
to the net margin from the central management of Group interest rate
exposure to 0.21% (1998: nil).

The net surplus from the central management of Group capital improved to
£44m (1998: deficit £98m), mainly as a result of reduced interest
allocations to businesses reflecting lower short-term interest rates.

                                      
Yields, spreads and margins - banking business

Domestic business is conducted primarily in sterling and is transacted by
Retail Financial Services, Corporate Banking, Barclays Capital and Group
Treasury.  International business is conducted primarily in foreign
currencies.  In addition to the business carried out by overseas branches
and subsidiaries, international business is transacted in the United Kingdom
by Barclays Capital, mainly with customers domiciled outside the United
Kingdom.

The yields, spreads and margins shown below have been computed on this
basis, which generally reflects the domicile of the borrower.  They exclude
profits and losses on the redemption and repurchase of loan capital, one-off
write-downs of leases and the unwinding of the discount on vacant leasehold
property provisions.
                                       1999             1998
                                          %                %
Gross yield (i)                                             
Group                                  6.84             7.81
Domestic                               7.66             8.90
International                          5.38             5.84
                                                            
Interest spread (ii)                                        
Group                                  2.88             2.69
Domestic                               3.89             3.40
International                          1.10             1.30
                                                            
Interest margin (iii)                                       
Group                                  3.40             3.42
Domestic                               4.47             4.44
International                          1.47             1.55
                                                            
Average UK base rate                   5.35             7.23

Notes
(i)Gross yield is the interest rate earned on average interest earning
   assets.
(ii)Interest spread is the difference between the interest rate earned on
   average interest earning assets and the interest rate paid on average
   interest bearing liabilities.
(iii)Interest margin is net interest income as a percentage of average
   interest earning assets.


Average interest earning assets and liabilities - banking business

                                       1999             1998
Average interest earning assets          £m               £m
                                                            
Group                               136,267          127,396
Domestic                             87,407           82,095
International                        48,860           45,301
                                                            
Average interest bearing                                    
liabilities
                                                            
Group                               118,496          109,225
Domestic                             73,850           66,492
International                        44,646           42,733


                                
Net fees and commissions               1999             1998
                                         £m               £m
Fees and commissions receivable       3,207            3,008
Less: fees and commissions payable    (275)            (229)
                                      2,932            2,779

Net fees and commissions were 6% higher at £2,932m with strong performances
in all businesses.

Retail Financial Services fees and commissions increased by 3% to £1,780m,
despite a reduced contribution from Barclays Insurance following the move to
in-house underwriting of all payment protection insurance in the middle of
1998.  In-house underwriting income is reported in Other operating income
and rose by £71m.  The underlying rise reflects good growth in investment
management income, increased dealing activity at Barclays Stockbrokers and
improved business volumes in Private Banking and UK Premier.  Barclaycard
fees and commission income rose as a result of higher transaction volumes in
both the issuing and acquiring businesses.

In Corporate Banking, fees and commissions rose by 13% to £690m reflecting
good growth in lending related fees and foreign exchange related income.
Money transmission income was maintained at similar levels to 1998.

Barclays Global Investors' fee income improved by 15% to £318m benefiting
from new business growth in assets under management and favourable market
conditions during the year.  Increased revenues in advanced active and
securities lending offset competitive pressure on margins within the index
business.

Net fees and commissions in Barclays Capital increased by 3% to £163m
reflecting growth in fees earned in the primary corporate bond business and
from loan arrangement activity.

Corporate Banking and Retail Financial Services fee income from foreign
exchange transactions includes £100m (1998: £81m) in respect of customer
transactions with Barclays Capital.

Dealing profits                          1999          1998
                                           £m            £m
Rates related business                    398           135
Credit related business                   163         (168)
                                          561          (33)

Almost all the Group's dealing profits arise in Barclays Capital, where
these increased by £583m to £554m, reflecting the return to stability in the
financial markets following the 1998 dislocation in the world credit
markets.  This was achieved while operating at lower levels of risk compared
to last year.

The Rates business continued to perform strongly with significant
contributions in the foreign exchange, government bonds and interest rate
derivatives businesses.  In the Credit business, equity derivatives and
secondary corporate bond businesses also made good contributions benefiting
from increased customer related activities.

Total foreign exchange income for the year was £380m (1998: £353m) and
consists of the revenues earned from both retail and wholesale activities.
The foreign exchange income earned by Retail Financial Services and
Corporate Banking on customer transactions, both externally and with
Barclays Capital, is reported within fees and commissions.


                                
Other operating income                 1999             1998
                                         £m               £m
(Loss)/income from associated                               
undertakings
and joint ventures                     (14)               22
Dividend income from equity shares       12               14
Profits on disposal of investment        41               41
securities
Income from the long-term                44              109
assurance business
Property rentals                         27               44
Premium income on insurance             102               31
underwriting
Other income                             32               63
                                        244              324

Income from associated undertakings and joint ventures fell by £36m.  This
resulted mainly from increased credit risk provisions and difficult trading
conditions in the Group's Brazilian associate Banco Barclays e Galicia SA.
There was a reduced contribution from Cairo Barclays SAE, which became a
subsidiary from 7th June 1999.

Profits on disposal of investment securities arose largely from realisations
by the private equity business within Barclays Capital.

An additional £75m provision for the possible cost of redress to personal
pension customers  (non-priority cases) has been charged in the year.  Total
provisions of £196m for the cost of redress to personal pension customers
for priority and non priority cases have been raised to date of which some
£108m had not been utilised as at 31st December 1999.

The increase in premium income on insurance underwriting to £102m (1998:
£31m) reflects an increase of premiums on insurance business written in-
house which commenced in the first half of 1998.  The longer term nature of
these policies means that premium income will continue to grow over the next
two or three years as the full impact of the transfer of the business is
achieved.

Other income reduced primarily as a result of lower profits on disposal of
properties at £4m (1998: £20m).

                                
Administrative expenses - staff        1999             1998
costs
                                         £m               £m
Salaries and accrued incentive        2,387            2,211
payments
Social security costs                   190              173
Pension costs                            38               37
Post-retirement health care              15               17
UK profit sharing                        80               88
Other staff costs                       347              285
                                      3,057            2,811
Included above:                                             
Restructuring charge                    192                -
Former BZW businesses                     -               22
Excluding restructuring charge and    2,865            2,789
former BZW businesses
                                                            
Number of staff at period end:*                             
Retail Financial Services**          55,300           59,100
Corporate Banking                    11,600           11,500
Barclays Capital                      4,000            4,400
Barclays Global Investors             1,700            1,500
Businesses in Transition                  -              100
Other operations                      1,300            1,600
Head office functions                   400              400
Group total world wide               74,300           78,600
of which United Kingdom              55,700           58,900

* Staff numbers do not include temporary and agency staff of 3,600 (31st
  December 1998: 4,000) whose costs are included in staff costs.
**Retail Financial Services figures include staff who represent a shared
  resource with Corporate Banking, but exclude 1,000 regulated salesforce
  and field sales managers (31st December 1998: 1,000) and 1,300
  administrative staff (31st December 1998: 1,300) whose costs are borne
  within the long-term assurance fund.


                                
Staff costs

Staff costs for the on-going business rose by 3% over 1998, excluding the
staff related charge of £192m for the 1999 restructuring programme.  The
increase reflected higher performance related payments in Barclays Capital
in line with improved profitability.  Underlying staff costs, excluding
performance related payments, were slightly below 1998 levels.

The 1999 restructuring charge is principally in respect of other staff
costs.  Total staff costs in 1998 also included £86m of staff reduction and
relocation costs.

In Retail Financial Services, staff costs, excluding restructuring costs,
were 4% lower than in 1998.  Staff costs in Corporate Banking were at
similar levels to 1998 excluding the impact of the acquisition of a
controlling interest in Cairo Barclays SAE.  In both Retail Financial
Services and Corporate Banking, the impact of job reductions in 1999 more
than offset the impact of the 4% annual pay award to staff in the United
Kingdom.

Pension costs continue at a low level with contributions to the Group's main
UK scheme remaining at nil in 1999.

The gross reduction in job numbers was 7,500 as a result of the 1999
restructuring programme and the Barclaycard change programme announced in
1998.

Overall staff numbers fell by 4,300 in the year from 78,600 to 74,300 of
which 3,500 related to the 1999 restructuring programme and 500 to the
implementation of Barclaycard's change programme.  In addition, 1,500 UK
staff were under notice of redundancy as at 31st December 1999.  In
addition, 300 of the 400 reduction in temporary and agency staff related to
the restructuring programme.   Net job reductions arising from the 1999
restructuring programme were 5,300, while 1,700 staff affected by the
programme have filled other jobs within the Group.

As a result of the sale of Merck Finck and Co, Retail Financial Services
staff numbers fell by 450 and Corporate Banking staff numbers increased by
500 as a result of the inclusion of the Cairo Barclays SAE workforce.

Analysis of job reductions under restructuring programmes

1999 restructuring programme                                 
-    reduction in full time equivalent staff            3,500
-    full time equivalent staff under notice of         1,500
     redundancy as at 31st December 1999
-    reduction in temporary and agency staff              300
                                                        5,300
Barclaycard change programme                                 
-    reduction in full time equivalent staff              500
                                                             
Net reduction in job numbers                            5,800
Jobs filled by displaced staff within the Group         1,700
Gross reduction in job numbers                          7,500
                                                                            
                                
Administrative expenses - other        1999             1998
                                         £m               £m
Property and equipment expenses:                            
Hire of equipment                        21               28
Property rentals                        218              195
Other property and equipment            632              638
expenses
                                        871              861
Stationery, postage and telephones      236              230
Advertising and market promotion        190              225
Travel, accommodation and               117              113
entertainment
Subscriptions and publications           39               43
Securities clearing and other            20               49
operational expenses
Sundry losses, provisions and            78               53
write-offs
Statutory and regulatory audit and        6                6
accountancy fees
Consultancy fees                        121              126
Professional fees                        88               91
Other expenses                           41               32
                                      1,807            1,829
Included above:                                             
Restructuring charge                    152                -
Former BZW businesses                     -               17
Excluding restructuring charge and    1,655            1,812
former BZW businesses

Administrative expenses include £152m in respect of the 1999 restructuring
programme, of which £87m related to provisions for future costs on surplus
leasehold properties.  Excluding this charge and the costs of the former BZW
businesses in 1998, there was a fall in the costs of the ongoing businesses
of £157m to £1,655m.

Property and equipment expenses, excluding the 1999 restructuring programme,
were £122m lower than in 1998.  Lower ongoing property rental charges and a
fall in computer systems expenditure also accounted for this fall.  The
latter was mainly attributable to reduced activity; with preparation for the
introduction of the euro work being largely completed in 1998 and a
reduction in work required for Year 2000 compliance.

Other administrative expenses excluding the restructuring charge and former
BZW businesses costs were £35m lower than in 1998.  Reductions in UK
advertising and marketing costs within Retail Financial Services were offset
in part by increased fraud losses at Barclaycard in line with industry
trends.


Depreciation and amortisation          1999             1998
                                         £m               £m
Property depreciation                    93               88
Equipment depreciation                  170              172
Goodwill amortisation                    13               12
Loss on sale of equipment                 4                5
Write-back of surplus properties          -              (2)
                                        280              275


                                                                      
Provisions for bad and doubtful debts
                                       1999             1998
The charge for the year in respect       £m               £m
of   bad and doubtful debts
comprises:
Specific provisions - credit risk                           
New and increased                       887              816
Releases                              (157)            (135)
Recoveries                             (93)            (176)
                                        637              505
General provision - credit risk        (16)             (20)
release
                                        621              485
Specific provision releases -           (2)             (13)
country risk
General provision charge - country        2               20
risk
Net charge                              621              492
                                                            
                                                            
Total provisions for bad and                                
doubtful debts at end of the year
comprise:
Specific - credit risk                1,298            1,199
Specific - country risk                  13               16
Total specific provisions             1,311            1,215
General provisions  - credit risk       615              663
                    - country risk       57               65
                                      1,983            1,943

The net charge for provisions rose by £129m to £621m mainly as a result of a
£71m increase in new and increased specific credit risk provisions and a
£61m fall in releases and recoveries to £250m.

New and increased specific provisions of £816m in 1998 included £153m of
provisions against exposure to Russian counterparties (primarily in respect
of currency forward contracts and repurchase agreements).

Excluding Russia, new and increased provisions rose by £224m mainly within
Retail Financial Services.  This increase was as a result of volume growth
in UK consumer lending and extended credit transactions at Barclaycard and
to a lesser extent less favourable economic factors that affected the first
half of the year.  New and increased provisions in Corporate Banking were
slightly higher than 1998.

Releases and recoveries in Corporate Banking continued to decline at £86m
compared to £168m in 1998.  In Retail Financial Services releases and
recoveries totalled £106m (1998: £82m).

The net provisions charge for the year as a percentage of average loans and
advances was 0.58%, compared with 0.49% in 1998.

                                
Provisions for contingent liabilities and commitments
                                       1999             1998
                                         £m               £m
                                        (1)             (76)

The charge in 1998 related to the contribution to the overall settlement to
the Administrators of British & Commonwealth Holdings PLC (B&C) in relation
to proceedings which arose in connection with B&C's acquisition of Atlantic
Computers Plc in 1988.
                                      
Exceptional items                      1999             1998
                                         £m               £m
Loss on sale or restructuring of       (30)              (3)
BZW
(Loss)/profit on disposal of other    (108)                4
Group undertakings
                                      (138)                1

Final losses and costs of £502m have been incurred on the sale and
restructuring of BZW against an original charge of £469m in 1997.  An
additional £30m has been booked in 1999 (1998: £3m).

The net loss on disposal of other Group undertakings includes goodwill
written back of £138m  (1998: £10m).  It comprises losses of  £128m and
profits of £20m.

The losses on disposal include a £117m loss on the sale of Merck Finck & Co.
in March 1999.

Tax

The charge for the year assumes a UK corporation tax rate of 30.25% for the
calendar year 1999 (1998: 31%) and comprises current tax of £701m (1998:
£553m) and deferred tax credit of £52m (1998: credit £20m).  The effective
rate of tax is 26.4% (1998: 28.1%).  The reduction in the rate is mainly
attributable to beneficial adjustments in respect of overseas income,
payments to a qualifying employee trust and prior year items.  This was
offset by non-allowable losses arising in respect of the disposal of Merck
Finck.

Included in the charge is £7m (1998: £25m) notional tax on the increase in
the shareholders' interest in the long-term assurance fund.

There has been no change in the policy for partial provision for deferred
taxation in respect of leasing.

                                
Earnings per ordinary share

Earnings per ordinary share is based upon the results after deducting tax,
profit attributable to minority interests and dividends on staff shares.

                                       1999             1998
                                                            
Earnings in year                    £1,759m          £1,317m
                                                            
Earnings in year for the ongoing    £2,137m          £1,353m
business
                                                            
Weighted average of ordinary         1,497m           1,510m
shares in issue
                                                            
Earnings per ordinary share          117.5p            87.2p
                                                            
Earnings per ordinary share for      142.8p            89.6p
the ongoing business

Diluted earnings per share is not materially different from the basic
earnings per share figure reported above in either 1999 or 1998.

Dividends on ordinary shares

The Board has decided to pay, on 3rd May 2000, a second interim dividend for
1999 of 32.5p per ordinary share, in respect of shares registered in the
books of the Company at the close of business on 25th February 2000.
The total distribution on the ordinary shares for 1999 is 50.0p
(1998: 43.0p).

For US and Canadian resident ADR holders, the second interim dividend of
32.5p per ordinary share becomes 130p per ADS (representing four shares).
The ADR depositary will mail the dividend on 3rd May 2000 to ADR holders on
record on 25th February 2000.

For Japanese shareholders, the second interim dividend of 32.5p per share
will be distributed in May to shareholders on record on 25th February 2000.

Shareholders may have their dividends reinvested in Barclays PLC ordinary
shares by participating in the Dividend Reinvestment Plan.  The plan is
available to all shareholders provided that they do not live in or are
subject to the jurisdiction of any country where their participation in the
plan would require Barclays or The Plan Administrator to take action to
comply with local government or regulatory procedures or any similar
formalities.  Any shareholder wishing to obtain details of the plan and a
mandate form should contact The Plan Administrator to Barclays, PO Box 82,
The Pavilions, Bridgwater Road, Bristol, BS99 7NH.  Those wishing to
participate for the first time in the plan should send their completed
mandate form to the plan administrator before 10th April 2000 for it to be
applicable to the payment of the second interim dividend on 3rd May 2000.
Existing participants should take no action unless they wish to alter their
current mandate instructions, in which case they should contact the plan
administrator.

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