It announced: “Barclays has continued to assess the potential benefits and costs of participation in HM Treasury’s Asset Protection Scheme (APS) announced on 19 January 2009.
“Following further careful assessment and discussions with major shareholders, the Board of Barclays has determined that it would not be in the interests of its investors, depositors and clients to participate in the APS.”
On 27 March 2009, Barclays confirmed that its capital position and resources were expected to meet the capital requirements of the FSA after application of a detailed stress test to determine resilience to stressed credit risk, market risk and economic conditions.
Since the beginning of 2009, the bank has continued to sell credit market exposures following the disposals effected in 2008 and has done so at or around their carrying values. The trading performance of the Barclays Group in 2009 continues to be strong.
Barclays is discussing the potential sale of its iShares business with a number of interested parties. These discussions are progressing well.
John Varley, group chief executive at Barclays, said: “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. This has led us to today’s decision.”
