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

BARCLAYS PLC

(BARC)
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Bank of England says coronavirus tougher than banks' stress test

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03/24/2020 | 05:38am EDT
The spread of the coronavirus disease (COVID-19) in London

The shock from coronavirus to banks is set to be greater but less prolonged than lenders faced in last year's stress test and the financial system remains resilient, the Bank of England said on Tuesday.

"Major UK banks are well able to withstand severe market and economic disruption," the BoE's Financial Policy Committee said in a statement from meetings it held on March 9 and March 19.

The FPC had already announced that banks can use the capital they hold in their counter cyclical capital buffers (CCYB) to support lending worth up to 190 billion pounds and it indicated on Tuesday that banks could go further if needed.

"The cut in the CCyB reinforced the FPC?s expectation that all elements of the substantial capital and liquidity buffers that have been built up by banks could be drawn on, as necessary to support the economy," the FPC said.

"The FPC would monitor closely the response of banks to these measures as well as the credit conditions faced by UK businesses and households more generally," it said.

The main capital buffer of top UK lenders is around 17.5% of capital to risk-weighted assets, more than three times higher than before the financial crisis a decade ago when taxpayers had to bail out lenders.

They also hold a trillion pounds of high-quality liquid assets, such as cash and bonds, to fund themselves for many months, the FPC said.

Households and companies in Britain also had considerable undrawn facilities at around 140 billion pounds and 260 billion pounds respectively, the FPC said.

The FPC has canceled this year's stress test but said it would continue to monitor whether banks are holding enough capital.

"The FPC would need to form a view about the resilience of the banking system throughout 2020 to provide reassurance and inform further policy action," the minutes said.

The FPC will use a mix of the banks' own in-house stress testing and desk-based analysis at the BoE.

By Huw Jones

Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC 1.53% 119.56 Delayed Quote.-33.44%
HSBC HOLDINGS PLC 0.79% 380.8 Delayed Quote.-35.66%
LLOYDS BANKING GROUP PLC 0.61% 30.64 Delayed Quote.-50.98%
THE ROYAL BANK OF SCOTLAND GROUP PLC 0.86% 122.55 Delayed Quote.-49.00%
VIRGIN MONEY UK PLC 1.36% 94.16 Delayed Quote.-50.06%
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Financials
Sales 2020 21 227 M 26 628 M 26 628 M
Net income 2020 727 M 912 M 912 M
Net Debt 2020 - - -
P/E ratio 2020 33,1x
Yield 2020 1,59%
Capitalization 20 731 M 26 147 M 26 006 M
EV / Sales 2019
Capi. / Sales 2020 0,98x
Nbr of Employees 80 800
Free-Float 99,6%
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 139,77 GBX
Last Close Price 119,56 GBX
Spread / Highest target 96,6%
Spread / Average Target 16,9%
Spread / Lowest Target -38,9%
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Managers
NameTitle
James Edward Staley Group Chief Executive Officer & Director
Nigel Paul Higgins Group Chairman
Mark Ashton Rigby Group Chief Operating Officer
Tushar Morzaria Group Finance Director & Executive Director
Timothy James Breedon Independent Non-Executive Director
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