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Barclays ready to go it alone on toxic assets
30.03.09
Barclays could announce as early as today that it has opted not to take part in the Government's asset guarantee insurance scheme for troubled banks.
The announcement will follow the Financial Services Authority's finding on Friday that the bank's finances were strong enough for it not to be forced to take part in the programme, in which banks pay a premium in return for the taxpayer guaranteeing the value of its toxic assets.
The deadline for applications is tomorrow, but analysts said that the bank was put off by the hefty premiums which are being paid by Royal Bank of Scotland and Lloyds Banking Group.
