Barclays Announces Plan To Fill $20B Capital Shortfall

Law360, New York (July 30, 2013, 1:31 PM EDT) -- Barclays PLC on Tuesday said it planned to raise around £5.8 billion ($8.9 billion) from its shareholders as part of a plan to plug a £12.8 billion hole in the capital levels required by British regulators.

The U.K. Prudential Regulation Authority, Britain's top financial regulator, requires that banks meet a 3 percent leverage ratio as called for under the Basel III international banking accords. Originally, Barclays had thought it was only approximately £7 billion short but the PRA informed them of the further shortfall in the...
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