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Barclays Bank gamble pays off

John Varley, the chief executive of Barclays Bank, will today be a very relieved man with news the Financial Services Authority has cleared Barclays Bank to continue trading without the necessity to raise further capital. The move is a blow to Gordon Brown, who had been expected to push Barclays Bank directors for a significant government investment in exchange for a significant stake in the business.

For those who follow the situation, Barclays Bank has been very unique over the last few months having turned down the offer of significant investment from the UK authorities time and time again. Even though it is highly likely that Barclays Bank will participate in the government's toxic acid insurance plan, they will only do so if the terms are right for the business. Initially when the business needed additional capital in 2008 the directors decided to go to the Middle East where a multibillion pound investment plan was hatched.

While Barclays Bank directors were criticised at the time for not accepting the government of investment, the end result is positive for Barclays Bank directors, the business itself as well as Barclays Bank shareholders. It will be interesting to see if any other UK banking operations decide to reduce their involvement with the authorities after Barclays Bank's actions.

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