You might have noticed that Barclays declared that they will raise capital, mainly through a 1 to 4 rights issue at a deeply discounted price. By itself, this announcement is pretty significant, but it brings to a head a `quiet war` that has been rumbling on since Barclays turned middle east towards salvation back in the dark days of 2008. The PRA (the newly formed regulatory arm of the Bank) has clearly set out its stall by insisting that levels of capital held by our banks should be (in simp…
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