Blogs & Comment

No Bailout for Barclays

Further to a story on Barclays Bank plcpublished in the April 13, 2009 print edition of the magazine, Barclays has confirmed it has passed a stress test of its finances administered by the United Kingdom’s Financial Services Authority. Barclays stock soared on the news, rising to a 2009 high of 170 pence on March 27, the day of the announcement.
Further to this news, the bank announced in a statementput out today, March 30, that it would not be participating in HM Treasurys Asset Protection Scheme. 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,” said John Varley, Group Chief Executive, Barclays. “This has led us to todays decision.
The bank confirmed that the sale of its iShares exchange-traded-funds division was progressing.