Barclays Plc · LSE:BARC
Barclays — Debt Investor Presentation (October 2016)
59 slides from Barclays's debt investor presentation, Oct 27, 2016
Slide 1: Barclays PLC Fixed Income Investor Presentation
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Barclays PLC Fixed Income Investor Presentation Q3 2016 Results Announcement October 2016 | Barclays Q3 2016 Fixed Income Investor Presentation
Slide 2: Performance Overview
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Performance Overview | Barclays Q3 2016 Fixed Income Investor Presentation
Slide 3: Our strategy is on track with encouraging progress in Q316
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Our strategy is on track with encouraging progress in Q316 Double digit Core returns: Underlying Core RoTE of 10.4%, with Barclays UK 21.1% and Barclays International 10.0%1
Slide 4: Statutory Group financials – Q316
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Statutory Group financials – Q316 Three months ended (£m) Sep-16 Sep-15 % change Diversified by geography and consumer/wholesale mix Income 5,446 5,481 (1%) Diversified incom
Slide 5: Generating a consistently strong Core RoTE on an increasing tangible equity base
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Generating a consistently strong Core RoTE on an increasing tangible equity base Core return on average tangible equity (excluding notable items) 10.7% 13.4% 14.0% 9.8% Barcl
Slide 6: Core: Underlying Return on Tangible Equity of 10.4%
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Core: Underlying Return on Tangible Equity of 10.4% Business performance excluding notable items Profit/(loss) before tax (£m) Sep-16 Sep-15 % change Three months ended (£m)
Slide 7: Non-Core: Continued good rundown momentum
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Non-Core: Continued good rundown momentum Business performance excluding notable items Q316 performance metrics Three months ended (£m) Sep-16 Jun-16 Mar-16 • Loss before tax
Slide 8: Priority is to close Non-Core in 2017
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Priority is to close Non-Core in 2017 RWAs (£bn)8 Quarterly income (£m) • Continued good execution of the Non-Core rundown while preserving capital • Businesses income of £18
Slide 9: Non-Core rundown guidance
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Non-Core rundown guidance Income (£m) Costs (£m) Q316 FY16 FY17 FY18 FY14 FY15 YTD Guidance Guidance Guidance £1,363 of costs incurred in Q3 YTD Non-Core closed Businesses £5
Slide 10: Capital & Leverage
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Capital & Leverage | Barclays Q3 2016 Fixed Income Investor Presentation
Slide 11: CET1 ratio progression impacted by one-off items
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM CET1 ratio progression impacted by one-off items Fully Loaded CET1 ratio12 Organic capital 250bps accretion BAGL selldown and 0.4% c.100bps Non-Core disposals13 Conduct and l
Slide 12: Managing evolving future minimum CET1 levels
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Managing evolving future minimum CET1 levels Illustrative evolution of minimum CET1 requirements and buffers14 Minimum CRD IV CET1 requirement Mandatory distribution restrict
Slide 13: Managing capital position for regulatory minimum levels and stress testing
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Managing capital position for regulatory minimum levels and stress testing Barclays‟ expected systemic reference points for 2016 BoE stress test14,17 Minimum CRD IV CET1 requ
Slide 14: Continued strong leverage position
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Continued strong leverage position Leverage ratio20 Highlights Leverage exposure (£bn) Q316 1,365 1,233 1,155 1,185 • Leverage ratio of 4.2% as at 30 September 2016, an impro
Slide 15: Liquidity, Funding and MREL/TLAC
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Liquidity, Funding and MREL/TLAC | Barclays Q3 2016 Fixed Income Investor Presentation
Slide 16: High level of liquidity and conservative funding profile
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM High level of liquidity and conservative funding profile LCR22 well above minimum requirements Conservative and stable funding profile (£bn – excludes BAGL) Customer deposits
Slide 17: Evolving CRD IV capital structure transitioning to HoldCo over time
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Evolving CRD IV capital structure transitioning to HoldCo over time Illustrative evolution of CRD IV capital structure25 Well managed and balanced total capital structure 18.
Slide 18: Proactive transition to HoldCo capital and funding model
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Proactive transition to HoldCo capital and funding model HoldCo issuance by year26,27 HoldCo Snr: 2.2% (£8.2bn) Senior Unsecured • The Group made strong progress on its commi
Slide 19: Illustrative MREL/TLAC requirements
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Illustrative MREL/TLAC requirements Illustrative MREL/TLAC needs to meet future requirements26 • Proactive refinancing from HoldCo and liability management c.£6bn p.a. / exer
Slide 20: Continued progress on transition to HoldCo capital and funding model
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Continued progress on transition to HoldCo capital and funding model PRA transitional regulatory capital Outstanding term vanilla senior unsecured debt (£bn) Jun-16 Sep-16 (£
Slide 21: TLAC and MREL requirement expectations
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM TLAC and MREL requirement expectations Pillar 1 TLAC minimum requirements and illustrative MREL expectations26 Pillar 1 requirements 2016 Pillar 2A requirement15 Assumed CRD
Slide 22: UK approach to resolution
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM UK approach to resolution Illustrative UK resolution loss allocation waterfall33 OpCo waterfall Intercompany investments HoldCo waterfall • BRRD PONV write-down • Total OpCo
Slide 23: Barclays PLC parent company accounts
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Barclays PLC parent company accounts Barclays PLC parent company balance sheet Key notes As at As at • Barclays PLC is the holding company of the Barclays Group 30 Sep-16 31
Slide 24: Structural Reform
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Structural Reform | Barclays Q3 2016 Fixed Income Investor Presentation
Slide 25: Simplifying our business divisions for structural reform
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Simplifying our business divisions for structural reform Barclays PLC Barclays PLC35 1 Barclays UK Barclays International Non-Core Africa Banking UK consumer and business ban
Slide 26: Progress on Group legal structure
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Progress on Group legal structure Barclays PLC35 Barclays UK Barclays International constructs Divisional To be transferred under UK consumer and business bank36 Barclays PLC
Slide 27: Anticipated funding sources of future UK ring-fenced bank and Barclays Bank PLC
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Anticipated funding sources of future UK ring-fenced bank and Barclays Bank PLC (and subsidiaries) Barclays PLC35 Barclays UK Barclays International constructs Divisional UK
Slide 28: Barclays International: Diversified transatlantic wholesale and consumer bank
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Barclays International: Diversified transatlantic wholesale and consumer bank Scale and strength with growth opportunities in key geographies Barclays International Income –
Slide 29: Asset Quality
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Asset Quality | Barclays Q3 2016 Fixed Income Investor Presentation
Slide 30: Resilience from prudent risk management and diversification
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Resilience from prudent risk management and diversification Diversified income by business5 Lower volatility of LLR vs. other major UK banks43 Personal Banking 4% Average 199
Slide 31: Underlying stable trends reflect prudent approach to credit risk management
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Underlying stable trends reflect prudent approach to credit risk management Prudent risk management Retail CRL % of Gross L&A • Remain well-positioned, having maintained a co
Slide 32: UK Mortgages – High quality, conservative portfolio
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM UK Mortgages – High quality, conservative portfolio BoE Stress Tests UK Mortgage Cumulative Impairment Charge Rates45 Key Messages 2014 2015 • High quality, conservative £127
Slide 33: UK and US Cards – Seasoned, diversified and resilient portfolios
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM UK and US Cards – Seasoned, diversified and resilient portfolios Breakdown by Delinquency Bucket – Barclaycard Consumer UK Key Messages 15% Early Delinquency Late Delinquency
Slide 34: UK Commercial Real Estate – Stable and limited exposure
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM UK Commercial Real Estate – Stable and limited exposure BoE Stress Tests UK CRE Cumulative Impairment Charge Rates45 Key messages 2014 2015 • Stable and limited exposure to U
Slide 35: Limited oil and gas exposures and robust risk management
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Limited oil and gas exposures and robust risk management Key stats Good quality and well diversified Effective risk management Of our total wholesale credit exposures50: • Ou
Slide 36: Credit Ratings
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Credit Ratings | Barclays Q3 2016 Fixed Income Investor Presentation
Slide 37: Ratings a key strategic priority
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Ratings a key strategic priority Senior Long Term/ • Barclays is committed to maintaining strong Standard & Poor’s Moody's Fitch Short Term ratings investment grade ratings •
Slide 38: Barclays rating composition for senior debt
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Barclays rating composition for senior debt Standard & Poor’s Moody’s Fitch Stand-Alone Credit Profile bbb+ Baseline Credit Assessment baa2 Viability Ratings a Anchor bbb+ Ma
Slide 39: Barclays rating composition for subordinated debt
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Barclays rating composition for subordinated debt Standard & Poor’s Moody’s Fitch Baseline Stand-alone Stand-Alone Viability bbb+ Credit baa2 a rating Credit Profile Assessme
Slide 40: Appendix
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Appendix | Barclays Q3 2016 Fixed Income Investor Presentation
Slide 41: Our strategy remains unchanged and is on track
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Our strategy remains unchanged and is on track Transatlantic Consumer, Corporate and Investment Bank Measures to deliver strategy and manage legacy headwinds Accelerate Non-C
Slide 42: Capital allocation balanced and diversified across the Group
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Capital allocation balanced and diversified across the Group Group RWAs (£bn) by division – Jun-16 Group RWAs (£bn) by product – Jun-16 £366bn £366bn 47 Non-Core: 13% Operati
Slide 43: Group financials excluding notable items – Q316
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Group financials excluding notable items – Q316 Performance excluding notable items Diversified Consumer, Corporate & Investment Bank Three months ended (£m) Sep-16 Sep-15 %
Slide 44: Core income and margins – Q316
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Core income and margins – Q316 Income2 (£m) – Three months ended Sep-16 Sep-15 % change • Barclays UK NII increased 5% to £1.6bn due to deposit repricing initiatives and Trea
Slide 45: Continued focus on cost discipline and efficiency
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Continued focus on cost discipline and efficiency Group cost progression and Core guidance (£bn) Cost initiatives Total operating expenses, excluding conduct and litigation,
Slide 46: Barclays UK: Return on Tangible Equity of 21.1%
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Barclays UK: Return on Tangible Equity of 21.1% Business performance excluding notable items Q316 performance metrics Three months ended (£m) Sep-16 Sep-15 % change • RoTE wa
Slide 47: Barclays UK: Resilient NIM and prudent growth in balances
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Barclays UK: Resilient NIM and prudent growth in balances Income (£m) – Three months ended Sep-16 Sep-15 % change Stable income • NII increased by 5% to £1.6bn while NIM incr
Slide 48: Barclays UK: Growth through leadership in digital banking
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Barclays UK: Growth through leadership in digital banking Significant growth in digital banking – year-on-year Annual cumulative unsecured lending – originated and fulfilled
Slide 49: Barclays International: RoTE of 10.0%
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Barclays International: RoTE of 10.0% Business performance excluding notable items Q316 performance metrics Three months ended (£m) Sep-16 Sep-15 % change • RoTE of 10.0% dem
Slide 50: Barclays International: Corporate & Investment Bank: RoTE of 9.2%
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Barclays International: Corporate & Investment Bank: RoTE of 9.2% Business performance excluding notable items Q316 performance metrics Three months ended (£m) Sep-16 Sep-15
Slide 51: Barclays International: Consumer, Cards & Payments: RoTE of 14.8%
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Barclays International: Consumer, Cards & Payments: RoTE of 14.8% Business performance excluding notable items Q316 performance metrics Three months ended (£m) Sep-16 Sep-15
Slide 52: Head Office and Africa Banking summary financials – Q316
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Head Office and Africa Banking summary financials – Q316 Business performance excluding notable items Africa Banking – Three months ended (£m) Sep-16 Sep-15 % change Head Off
Slide 53: Wholesale funding composition
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Wholesale funding composition69 >1 month >3 months >6 months >1 year >2 year >3 year >4 year Total As at 30 September 2016 (£bn) ≤1 month but ≤3 but ≤6 but ≤12 ≤1 year but ≤2
Slide 54: Footnotes (continued)
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Footnotes (continued) 1 RoTE excluding notable items. Core RoTE includes Head Office | 2 Excluding notable items | 3 Excluding conduct and litigation, and other notable items
Slide 55: Footnotes
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Footnotes 33 Illustrative example based on Barclays expectations of the creditor hierarchy in a resolution scenario to demonstrate so-called “single-point-of-entry” in the UK
Slide 56: Index
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Index Performance Overview 1 Structural Reform 24 • Our strategy is on track with encouraging progress in Q316 3 • Simplifying our business divisions for structural reform 25
Slide 57: Appendix
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Appendix • Our strategy remains unchanged and is on track 41 • Capital allocation balanced and diversified across the Group 42 • Group financials excluding notable items – Q3
Slide 58: Contact – Debt Investor Relations Team
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Contact – Debt Investor Relations Team Lisa Bartrip Sofia Lonnqvist Dan Colvin +44 (0)20 7773 0708 +44 (0)20 7116 5716 +44 (0)20 7116 6533 lisa.bartrip@barclays.com sofia.lon
Slide 59: Disclaimer
PERFORMANCE CAPITAL LIQUIDITY, FUNDING STRUCTURAL ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW & LEVERAGE & MREL/TLAC REFORM Disclaimer Important Notice The information, statements and opinions contained in this presentation do not constitute a public offer under any applicable legislation, an offe