Barclays passes key financial 'stress test'

By Steve Slater | March 28, 2009, Saturday |

Print Edition

THE United Kingdom financial regulator has concluded a "severe stress test" on Barclays PLC and is satisfied the bank does not need any fresh capital, a person familiar with the matter said yesterday.

Barclays shares soared over 10 percent as fears receded that it will need fresh funds or need to hand the government a stake.

The British Financial Services Authority has subjected banks to a stress test more severe than the recession of the early 1980s, lasting for several years, and was satisfied Barclays does not need new funds to withstand rising bad debts, the source said.

Barclays and the FSA declined to comment.

Barclays needs to decide whether to join a government-backed scheme to insure some of its assets against future losses by Tuesday.

It has maintained it has sufficient capital to withstand a deepening recession.

Finance

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Barclays passes key financial 'stress test'

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