Barclays was the recepient of a £314m emergency loan from the BoE made last week through its standing lending facility.
Despite media reports suggesting that the bank was facing a cash crisis, Barclays claims that it is flush with liquidity.
It was the first time the facility – which allows banks to borrow sums at a penalty rate of 6.75 per cent- has been used since the beginning of the current credit crisis in the financial markets.
The Bank of England’s lending facilities are open to any participants in the market and a spokeswoman says it is not unusual for the facility to be used.
According to reports, a malfunction in an electronic trading system yesterday afternoon meant that Barclays discovered it had a shortfall too late to borrow from another highs street bank.
High Street banks have gone to the Bank of England for such funding 14 times so far this year, but such transactions have come under greater scrutiny amid concerns about a lack of liquidity at some banks.
A statement from Barclays said: “Had there not been a technical breakdown, this situation would not have occurred. In these challenging times the dramatisation of such situations is of no help to markets, their members or their customers.”