Barclays Bank set to go it alone
We recently covered the story of Barclays Bank and the fact that the Financial Services Authority had rubberstamped the company's financial position, insisting that no further capital was required in the short to medium term. The bank has also received another piece of good news with the clarification that Barclays does not need to participate in the UK government's toxic assets insurance scheme.
The FSA has carried out a very detailed examination of the company's balance sheet, assets and liabilities and believes the bank is strong enough to withstand "a five-year storm". Even though this official confirmation has come from the FSA there are rumours that the Treasury is still not convinced that the company has the strength to remain outside of the insurance scheme although Barclays has for some time reiterated its wish to go it alone.
In line with the general banking sector, Barclays Bank shares have performed disastrously over the last 12 months although the last couple of days have seen a return of investor interest. Whether the shares continue to move upwards after the FSA confirmation remains to be seen, but it is worth remembering that the group still has literally billions of pounds of assets which could turn "toxic".
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