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Barclays turns down Government aid

Barclays has revealed that it will not be asking the Government for aid in the form of its Asset Protection Scheme.

The bank has confirmed that its capital position and resources were expected to meet the capital requirements of the FSA after application of a stress test to determine resilience to stressed credit risk, market risk and economic conditions.

The bank has not chosen to follow the route of RBS and Lloyds Banking Group which may have resulted in the Government owning a percentage of Barclays.

Barclays also revealed that it is discussing the potential sale of its iShares business with a number of interested parties.

Barclays group chief executive John Varley says: ”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.”

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