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Barclays did not ask for extra capital from Government, says Varley

Barclay’s chief executive John Varley says the bank has not requested capital from the Government following a late night meeting with Chancellor Alistair Darling.

Speaking at Merrill Lynch’s Growth Opportunities Post-Crisis conference in London this morning, Varley told delegates that he didn’t request a helping hand from Government during a meeting with Darling and the UKs three biggest banks yesterday – Barclays, Royal Bank of Scotland and Lloyds TSB.

A statement released by the London Stock Exchange today says in response to a question Varley commented: “Contrary to press rumours, Barclays has not requested capital from the Government and has no reason to do so.”

Questions came after a blog posted on the BBC website suggested that each of the three banks estimated that they each may need around £15bn of new capital.


John Pattullo

It is the 30th anniversary of the Henderson preference & bond fund this week and despite an “exceptionally poor” past month, co-manager John Pattullo remains upbeat about the prospects for the bond market.

Banking crisis

Continued from p29Only Paul Warburg spoke out against the “unrestrained speculation” and called for Federal Reserve measures to reel in borrowing levels promptly or face “a general depression involving the entire country”.

The winds of change

While the credit crisis is rightly taking centre stage in everyone’s thoughts it would be wrong to ignore the vital arguments around pension reform that are taking place.


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