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Barclays declines Asset Protection Scheme support

Barclays declines Asset Protection Scheme support

Category: Economy

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

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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.

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