IFRS Transition Report-Part 1

Barclays PLC
11 May 2005


                                                                   11th May 2005

                                   BARCLAYS PLC

                        IFRS TRANSITION REPORT 2004/2005

Barclays PLC today announced its transition report that sets out its audited
financial results under International Financial Reporting Standards (IFRS) from
1st January 2004. The transition report restates the 2004 results and provides
the opening balance sheet at 1st January 2005. It also summarises the main
policy differences between UK GAAP and IFRS and details the Group's provisional
accounting policies for the year ending 31st December 2005 in accordance with
the standards expected to be applicable as at 31st December 2005.

For its 2004 results Barclays PLC has not applied International Accounting
Standard (IAS) 32 (Financial Instruments: Disclosure and Presentation), IAS 39
(Financial Instruments: Recognition and Measurement) and IFRS 4 (Insurance
Contracts). These accounting standards have been applied from 1st January 2005
in accordance with the transitional provisions of IFRS 1.

The change in accounting standards has had no impact on the underlying economics
or risk of the business. The standards applied have a minimal overall impact on
reported profit before tax and earnings per share in 2004 with the biggest
impact being on the balance sheet and equity. The Group's capital position
remains strong.

The 2004 IFRS income statement shows a reduction in profit before tax of £23m to
£4,580m from the reported UK GAAP figure of £4,603m. Basic earnings per share
for 2004 on an IFRS basis were 51.0p as against 51.2p reported under UK GAAP. As
at 1st January 2005 the balance sheet assets under IFRS total £716bn, an
increase of £193bn over those reported under UK GAAP as at 31st December 2004.
Total shareholders' equity (including minority interests) under IFRS at 1st
January 2005 at £18.6bn is £0.2bn higher than the UK GAAP equivalent as at 31st
December 2004 with total shareholders' equity (excluding minority interests)
£2.2bn lower at £15.2bn. The impact on the Tier 1 Capital ratio as at 1st
January 2005 is a reduction of approximately 50 basis points.

There will be a briefing to analysts and investors today via a conference call
at 09.30 (BST). The telephone number for UK callers is 0845 301 4020 (+44 20
7663 4861 for callers outside the UK), with the access code 'Barclays IFRS'.

The briefing will be accompanied by slides available from the Investor Relations
website at www.investorrelations.barclays.co.uk after 08.30 (BST). The call will
also be available as a live audio webcast on the Investor Relations website and
a recording will be posted on the website.

                                      ENDS

For further information contact:

Investor Relations:                        Media Relations:
Mark Merson / James S Johnson              Pam Horrell / Jo Thethi
[phone]/2927                   [phone]/6217

This document contains certain forward-looking statements within the meaning of
Section 21E of the US Securities Exchange Act of 1934, as amended, and Section
27A of the US Securities Act of 1933, as amended, with respect to certain of the
Group's plans and its current goals and expectations relating to its future
financial condition and performance. 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 'anticipate',
'target', 'expect', 'estimate', 'intend', 'plan', 'goal', 'believe', or other
words of similar meaning. By their nature, forward-looking statements involve
risk and uncertainty because they relate to future events and circumstances,
including, but not limited to the further development of standards and
interpretations under IFRS applicable to past , current and future periods,
evolving practices with regard to the interpretation and application of
standards under IFRS and pending tax elections with regards to certain
subsidiaries as well as UK domestic and global economic and business conditions,
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 outcome of pending and future litigation and the impact of
competition, a number of which factors 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. Any
forward-looking statements made by or on behalf of Barclays speak only as of the
date they are made. Barclays does not undertake to update forward-looking
statements 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. The reader should, however, consult any additional
disclosures that Barclays has made or may make in documents it has filed or may
file with the SEC including its most recent Annual Report on Form 20-F.




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