16 Mar

Barclays considers asset protection scheme

Barclays considers asset protection scheme

Barclays has confirmed that it has been in talks with the Treasury over its possible participation in the government's asset protection scheme.

The lender has revealed the move while at the same time stating that it is negotiating over the possible sale its fund management arm, something that could enable it to avoid such a measure.

Barclays originally opted not to join the Royal Bank of Scotland (RBS) and Lloyds TSB in accepting help from the government last year.

A move to participate in the scheme, which would see the bank covered against losses from potentially toxic assets, could see obligations placed on it to lend more, something that may be good news for those seeking mortgages.

Last week RBS announced it will increase its mortgage lending in Scotland by £1.7 billion over the course of 2009 and 2010, in addition to increasing its business lending.

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