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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Barclays Plc    BARC   GB0031348658

BARCLAYS PLC

(BARC)
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Bank of England eases liquidity system as Brexit transition deal looms

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01/23/2020 | 06:03am EST
FILE PHOTO: A bird flies past The Bank of England in the City of London

The Bank of England said on Thursday it will ease its enhanced liquidity reporting requirements on banks, put in place in case Britain left the European Union without a transition deal.

Britain's parliament has approved a divorce settlement with the EU, which includes a business-as-usual transition deal covering the period after Brexit Day on Jan. 31 until the end of December.

The aim of the tougher monitoring of liquidity at banks was to ensure they had enough cash on hand to deal with any market volatility caused by a no-deal Brexit.

Banks were required to show they have enough liquidity for a "minimum survival period" and were required to report to the BoE on their liquidity holdings more frequently.

"The likelihood that the UK leaves the EU without a Withdrawal Agreement now appears very low," the BoE's Prudential Regulation Authority said in a letter to banks on Thursday. "Therefore, the PRA no longer considers the bespoke risk appetite to be required."

Nausicaa Delfas, head of international at the Financial Conduct Authority, told Reuters that the watchdog was also easing back some of the extra market monitoring it introduced in case of a no-deal Brexit.

The PRA said it expected firms to continue to manage their liquidity positions on an "individual currency basis prudently".

"In particular, we expect firms to remain mindful of the operational implications of withdrawal, ensuring they are able to maintain good governance and manage their post-Brexit operations appropriately."

(Reporting by Huw Jones; Editing by Alex Richardson)

Stocks mentioned in the article
ChangeLast1st jan.
BANCO SANTANDER, S.A. 0.54% 3.917 End-of-day quote.4.45%
BARCLAYS PLC 0.95% 176.74 Delayed Quote.-2.54%
EURO / BRITISH POUND (EUR/GBP) 0.60% 0.83553 Delayed Quote.-1.79%
HSBC HOLDINGS PLC 1.29% 559 Delayed Quote.-6.76%
LLOYDS BANKING GROUP -0.18% 55.78 Delayed Quote.-10.59%
PRUDENTIAL PLC 1.18% 1496 Delayed Quote.2.04%
THE ROYAL BANK OF SCOTLAND GROUP PLC -0.44% 206 Delayed Quote.-13.90%
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Financials (GBP)
Sales 2019 21 569 M
EBIT 2019 7 809 M
Net income 2019 2 430 M
Debt 2019 -
Yield 2019 5,08%
P/E ratio 2019 12,7x
P/E ratio 2020 7,34x
Capi. / Sales2019 1,41x
Capi. / Sales2020 1,38x
Capitalization 30 326 M
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 210,83  GBp
Last Close Price 175,08  GBp
Spread / Highest target 48,5%
Spread / Average Target 20,4%
Spread / Lowest Target -8,61%
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Managers
NameTitle
James Edward Staley Group Chief Executive Officer & Director
Taylor Wright Co-Head-US Equity & Managing Director
Nigel Paul Higgins Group Chairman
Paul Herbert Compton Group Chief Operating Officer
Tushar Morzaria Group Finance Director & Executive Director
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