Barclays in rush to exit Protium

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBePeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople Todayautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldDrivepedia20 Of The Most Underrated Vintage CarsDrivepedia KCS-content REGULATORS could try to force Barclays to shift a raft of toxic assets back onto its balance sheet, the bank’s annual report revealed yesterday.In a section regarding the special purpose vehicle (SPV) Protium, which Barclays created last year for accounting purposes, the bank said: “The ongoing review of Barclays financial statements by regulators includes consideration of the non-consolidation of Protium.”“Non-consolidation” would involve formally bringing the vehicle back onto the bank’s balance sheet, forcing it to once again mark the assets to market. Although this would not make a difference to its underlying profitability, stringent capital requirements brought in since Protium’s creation make Barclays keen to “exit” – most likely through a sale of the vehicle – before this happens.Chief executive Bob Diamond said last month that Basel III?capital rules have made Protium uneconomical. Converting the vehicle from a loan back into on-balance sheet assets could require the bank to put aside a larger amount of capital against it than it had originally anticipated.As a result, analysts think the bank is accelerating a sale of Protium to the vehicle’s current management by writing off chunks of the loan tied up in it. Last month, it wrote off £532m of the £7.5bn loan, and further impairments could follow. Such write-offs make Protium a more attractive prospect for a management buy-out.The bank’s annual report also revealed that it paid £1.6bn in corporate tax globally last year. It paid £1.38bn in UK taxes, but would not say what proportion of that was in corporation tax.Barclays and the FSA declined to comment yesterday. Tags: NULL More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com Show Comments ▼center_img whatsapp Share Barclays in rush to exit Protium Tuesday 15 March 2011 8:43 pm whatsapplast_img read more