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Barclays increases mis-selling provisions

Tue, 05th Feb 2013 07:11

LONDON, Feb 5 (Reuters) - Britain's Barclays saidon Tuesday it had increased the provisions it needed to coverthe mis-selling of interest rate hedging products (IRHP) andpayment protection insurance (PPI) schemes.

Barclays said following a pilot review, it would now includea provision for IRHP of 850 million pounds ($1.3 billion), whichis an increase of 400 million pounds. The provision for the PPIscheme will now reach 2.6 billion pounds, which is an increaseof 600 million pounds.

The two figures will be included in the group's full-yearresults on Feb. 12.

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