Barclays rejects government scheme
Tuesday 31st March 2009, 10:13AM BST.
Barclays has rejected the government’s asset protection scheme to preserve the bank’s independence and keep down costs.
In a statement, the bank said “it would not be in the interests of its investors, depositors and clients to participate in the asset protection scheme.”
John Varley, group chief executive, Barclays, added: “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”.
Although the bank did not comment further on the reasons behind the decision, it is keen to maintain its independence from the government and has previously declined help with recapitalisation, turning to private investors for extra funds.
Barclays has put its iShares business up for sale and said it is in discussions with a number of interested parties.
There has also been speculation that the fees required by the government to participate in the scheme were too high to be commercially viable.
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