Barclays Announces It's Not Seeking Additional Capital

Barclays' Chairman and CEO Marcus Agius and John Varley say in a letter to shareholders Monday that the bank has around 36 billion pounds ($49 billion) of committed equity capital and reserves and is not seeking any further capital subscription.

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Barclays’ Chairman and CEO Marcus Agius and John Varley say in a letter to shareholders Monday that the bank has around 36 billion pounds ($49 billion) of committed equity capital and reserves and is not seeking any further capital subscription.

The bank says, however, that it will bring the release of its final results forward to 9 February in an effort to reassure shareholders. Total gross credit market write-downs in 2008 will be 8 billion pounds, and net write-downs will be 5 billion pounds.

The bank reiterated an earlier announcement that it will report a pretax profit “well ahead” of the 5.3 billion pound consensus forecast and that its Tier 1 capital ratio stands at around 9.5%. The bank also says it has made a good start to 2009, in particular at its investment banking arm following the integration of businesses acquired from Lehman Brothers.

D.C.

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