Barclays declines Asset Protection Scheme support - Economy - News - Moneyfacts

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Barclays declines Asset Protection Scheme support

Barclays declines Asset Protection Scheme support

Category: Economy

Updated: 01/04/2009
First Published: 01/04/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Barclays has said that it will not be participating on the Government's Asset Protection Scheme (APS).

The bank said that following careful discussions with major shareholders, the board had decided that it would not be in the interest of its investors, depositors and clients to participate in the scheme.

The announcement comes just four days after Barclays confirmed that it was expected to meet the capital requirements of the UK Financial Services Authority after application of a detailed stress test that determined its resilience to stressed credit risk, economic conditions and market risk.

John Varley, group chief executive of the bank said the economics of participation in the APS had been looked at carefully and that many investors had been consulted before the decision was made.

The opt-out is likely to speed up the potential sale of Barclay's iShares business. The bank said that there are many interested parties and that discussions are going well.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Inflation and you: what does the latest rise mean?

Today saw not only the outlining of the Government’s stance on leaving the EU, but also a rise in inflation that was larger than predicted. But what does this mean for the pound in your pocket?

Base rate remains unchanged in surprise decision

Earlier today, the Bank of England’s rate setting committee announced that it had voted decisively to keep base rate on hold at its record low of 0.5%. But what does it mean for you?

Budget 2016 – an overview

Well, George Osborne has just revealed the Budget for 2016 – his eighth so far as Chancellor – and as ever, there were some winners and losers from the whole thing. Below is a quick overview of the key points.