38AK.L Regulatory News (38AK)

Barclays Bank PLC

Preliminary Results Announcement

31 December 2011

Table of Contents

BARCLAYS BANK PLC, 1 CHURCHILL PLACE, LONDON, E14 5HP, UNITED KINGDOM. TELEPHONE: +44 (0) 20 7116 1000. COMPANY NO. 1026167

The term 'Barclays PLC Group' or the 'Group' means Barclays PLC together with its subsidiaries and the term 'Barclays Bank PLC Group' means Barclays Bank PLC together with its subsidiaries.

Unless otherwise stated, the income statement analyses compare the 12 months to 31 December 2011 to the corresponding 12 months of 2010 and balance sheet comparisons relate to the corresponding position at 31 December 2010.

Relevant terms that are used in this document but are not defined under applicable regulatory guidance or International Financial Reporting Standards (IFRS) are explained in the Results glossary that can be accessed at www.barclays.com/investorrelations.

The Listing Rules of the UK Listing Authority (LR 9.7A.1) require that preliminary statements of annual results must be agreed with the listed company's auditors prior to publication, even though an audit opinion has not yet been issued. In addition, the Listing Rules require such statements to give details of the nature of any likely modification that may be contained in the auditors' report to be included with the annual report and accounts. Barclays Bank PLC confirms that it has agreed this preliminary statement of annual results with PricewaterhouseCoopers LLP and that the Board of Directors has not been made aware of any likely modification to the auditors' report required to be included with the annual report and accounts for the year ended 31 December 2011.

The information in this announcement, which was approved by the Board of Directors on 9 February 2012, does not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2010, which included certain information required for the Joint Annual Report on Form 20-F of Barclays PLC and Barclays Bank PLC to the US Securities and Exchange Commission (SEC) and which contained an unqualified audit report under Section 495 of the Companies Act 2006 and which did not make any statements under Section 498 of the Companies Act 2006, have been delivered to the Registrar of Companies in accordance with Section 441 of the Companies Act 2006.

These results will be furnished as a Form 6-K to the SEC as soon as practicable following their publication. Statutory accounts for the year ended 31 December 2011, which also include certain information required for the Joint Annual Report on Form 20-F of Barclays PLC and Barclays Bank PLC to the SEC, can be obtained from Corporate Communications, Barclays Bank PLC, 745 Seventh Avenue, New York, NY 10019, United States of America or from the Director, Investor Relations at Barclays registered office address shown on the previous page, once they have been published in March. Once filed with the SEC, copies of the Form 20-F will also be available from the Barclays Investor Relations website www.barclays.com/investorrelations and from the SEC's website (www.sec.gov).

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Basis of Preparation

Barclays Bank PLC is a wholly owned subsidiary of Barclays PLC, which is the Group's ultimate parent company. The consolidated financial statements of Barclays Bank PLC and Barclays PLC are materially the same, with the key differences being that, in accordance with IFRS:

·; Preference shares issued by Barclays Bank PLC are included within share capital and share premium in Barclays Bank PLC but represent non-controlling interests in Barclays PLC.

·; Certain issuances of reserve capital instruments and capital notes by Barclays Bank PLC are included within other shareholders' equity in Barclays Bank PLC, but represent non-controlling interests in Barclays PLC.

·; Barclays PLC shares held for the purposes of employee share schemes and for trading are recognised as available for sale investments and trading portfolio assets respectively within Barclays Bank PLC. This includes Barclays PLC shares sold by the Group, where Barclays Bank PLC retains the risks and rewards of ownership. Barclays PLC deducts any treasury shares held from shareholders equity.

More extensive disclosures are contained in the Barclays PLC Results Announcement for the year ended 31 December 2011, attached, including risk exposures and business performance, which are materially the same as those for Barclays Bank PLC.

Accounting Policies

The Group has continued to apply the accounting policies used for the 2010 Annual Report.

A number of amendments to IFRS have been issued that are required to be applied from 1 January 2011. These amendments have not resulted in any changes to the Group's accounting policies.

Going Concern

The Group's business activities and financial position, the factors likely to affect its future development and performance, and its objectives and policies in managing the financial risks to which it is exposed and its capital are discussed in the Results by Business, Performance Management, Risk Management and Capital sections of the Barclays PLC Results Announcement.

The Directors confirm that they are satisfied that the Group has adequate resources to continue in business for the foreseeable future. For this reason, they continue to adopt the 'going concern' basis for preparing accounts.

Condensed Consolidated Financial Statements

Condensed Consolidated Financial Statements

Condensed Consolidated Financial Statements

Condensed Consolidated Financial Statements

Condensed Consolidated Financial Statements

Notes

The decrease in Absa Group Limited equity attributable to non-controlling interest to £2,861m (2010: £3,208m) is principally due to £583m depreciation of African currencies against Sterling and £162m of dividends paid, offset by retained profits of £401m.

2. Dividends on Ordinary Shares

3. Share Capital

Ordinary Shares

At 31 December 2011 the issued ordinary share capital of Barclays Bank PLC, comprised 2,342 million ordinary shares of £1 each (2010: 2,342 million).

Preference Shares

At 31 December 2011 the issued preference share capital of Barclays Bank PLC comprised; 1,000 Sterling Preference Shares of £1 each (2010: 1,000); 240,000 Euro Preference Shares of €100 each (2010: 240,000); 75,000 Sterling Preference Shares of £100 each (2010: 75,000); 100,000 US Dollar Preference Shares of US$ 100 each (2010: 100,000); and 237 million US Dollar Preference Shares of US$0.25 each (2010: 237 million).

Appendix: Barclays PLC Results Announcement

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Barclays PLC

Results Announcement

31 December 2011

Table of Contents

BARCLAYS PLC, 1 CHURCHILL PLACE, LONDON, E14 5HP, UNITED KINGDOM. TELEPHONE: +44 (0) 20 7116 1000. COMPANY NO. 48839

The term Barclays or Group refers to Barclays PLC together with its subsidiaries. Unless otherwise stated, the income statement analyses compare the 12 months to 31 December 2011 to the corresponding 12 months of 2010 and balance sheet comparatives relate to 31 December 2010. The abbreviations '£m' and '£bn' represent millions and thousands of millions of pounds sterling respectively; the abbreviations '$m' and '$bn' represent millions and thousands of millions of US dollars respectively.

Adjusted profit before tax and adjusted performance measures have been presented to provide a more consistent basis for comparing business performance between periods. These measures exclude: the impact of own credit; gains on debt buy-backs; loss on disposal of a portion of the Group's strategic investment in BlackRock, Inc.; the impairment of the investment in BlackRock, Inc.; the provision for Payment Protection Insurance (PPI) redress; goodwill impairments; and gains and losses on acquisitions and disposals of subsidiaries, associates and joint ventures.

Relevant terms that are used in this document but are not defined under applicable regulatory guidance or International Financial Reporting Standards (IFRS) are explained in the Results glossary that can be accessed at www.barclays.com/investorrelations.

In accordance with Barclays policy to provide meaningful disclosures that help investors and other stakeholders understand the financial position, performance and changes in the financial position of the Group, and having regard to the BBA Disclosure Code, the information provided in this report goes beyond minimum requirements. Barclays continues to develop its financial reporting considering best practice and welcomes feedback from investors, regulators and other stakeholders on the disclosures that they would find most useful.

The Listing Rules of the UK Listing Authority (LR 9.7A.1) require that preliminary statements of annual results must be agreed with the listed company's auditors prior to publication, even though an audit opinion has not yet been issued. In addition, the Listing Rules require such statements to give details of the nature of any likely modification that may be contained in the auditors' report to be included with the annual report and accounts. Barclays PLC confirms that it has agreed this preliminary statement of annual results with PricewaterhouseCoopers LLP and that the Board of Directors has not been made aware of any likely modification to the auditors' report required to be included with the annual report and accounts for the year ended 31 December 2011.

The information in this announcement, which was approved by the Board of Directors on 9 February 2012, does not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2010, which included certain information required for the Joint Annual Report on Form 20-F of Barclays PLC and Barclays Bank PLC to the US Securities and Exchange Commission (SEC) and which contained an unqualified audit report under Section 495 of the Companies Act 2006 and which did not make any statements under Section 498 of the Companies Act 2006, have been delivered to the Registrar of Companies in accordance with Section 441 of the Companies Act 2006. The 2011 Annual Review and Summary Financial Statements will be posted or made available to shareholders together with the Group's full Annual Report and Accounts for 2011 for those shareholders who request it.

These results will be furnished as a Form 6-K to the SEC as soon as practicable following their publication. Statutory accounts for the year ended 31 December 2011, which also include certain information required for the Joint Annual Report on Form 20-F of Barclays PLC and Barclays Bank PLC to the SEC, can be obtained from Corporate Communications, Barclays Bank PLC, 745 Seventh Avenue, New York, NY 10019, United States of America or from the Director, Investor Relations at Barclays registered office address shown on the previous page, once they have been published in March. Once filed with the SEC, copies of the Form 20-F will also be available from the Barclays Investor Relations website www.barclays.com/investorrelations and from the SEC's website (www.sec.gov).

Forward-looking statements

This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and Section 27A of the US Securities Act of 1933, as amended, with respect to certain of the Group's plans and its current goals and expectations relating to its future financial condition and performance. Barclays cautions readers that no forward-looking statement is a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statements. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as "may", "will", "seek", "continue", "aim", "anticipate", "target", "expect", "estimate", "intend", "plan", "goal", "believe" or other words of similar meaning. Examples of forward-looking statements include, among others, statements regarding the Group's future financial position, income growth, assets, impairment charges, business strategy, capital ratios, leverage, payment of dividends, projected levels of growth in the banking and financial markets, projected costs, estimates of capital expenditures and plans and objectives for future operations and other statements that are not historical fact. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances, including, but not limited to, UK domestic, Eurozone and global economic and business conditions, the effects of continued volatility in credit markets, market related risks such as changes in interest rates and exchange rates, effects of changes in valuation of credit market exposures, changes in valuation of issued notes, the policies and actions of governmental and regulatory authorities (including requirements regarding capital and Group structures and the potential for one or more countries exiting the Euro), changes in legislation, the further development of standards and interpretations under IFRS applicable to past, current and future periods, evolving practices with regard to the interpretation and application of standards under IFRS, the outcome of current and future litigation, the success of future acquisitions and other strategic transactions and the impact of competition - a number of such factors being beyond the Group's control. As a result, the Group's actual future results may differ materially from the plans, goals, and expectations set forth in the Group's forward-looking statements.

Any forward-looking statements made herein are as at the date they are made. Except as required by the UK Financial Services Authority (FSA), the London Stock Exchange plc (LSE) or applicable law, Barclays expressly disclaims any obligation or undertaking to release publicly updates or revisions to forward-looking statements to reflect any change in Barclays expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. The reader should, however, consult any additional disclosures that Barclays has made or may make in documents it has filed or may file with the LSE and/or the SEC.

Citizenship - Performance Highlights

We have a clear sense of our business purpose - to help individuals, businesses and economies progress and grow. We use the term "Citizenship", one of our four execution priorities, to capture that purpose and we monitor how well we are executing against this priority in three particular areas:

- Contributing to growth in the real economy - We support economic growth and job creation by operating a strong, profitable business that is focused on helping individuals, businesses, institutions and governments pursue their goals.

- The way we do business - Our clients' interests are at the heart of what we do at all times. We reinforce our business integrity every day by striving to improve the service that we provide; making responsible decisions in how we manage the business; and actively managing the social and environmental impacts of what we do.

- Supporting our communities - We play a broader role in the communities in which we live and work beyond what we deliver through our core business activities; we do this through community investment programmes and the direct efforts of our employees.

Financials - Performance Highlights

 "I am proud of what our people at Barclays achieved in 2011. Against the backdrop of challenging economic and market conditions, we maintained our focus on clients and customers while supporting the real economy, as well as the needs of our shareholders, colleagues and the communities in which we operate. As a result, we have delivered a strong set of results, both financially and in terms of our execution priorities.

Barclays universal banking model continues to be a competitive strength. Revenues remained resilient overall, reflecting the strength of our customer franchise and the balanced mix of our business. We have intensified our cost discipline while selectively investing in growth areas that support our execution priorities. We are not satisfied with the return on equity we delivered in 2011 and are committed to delivering steady improvement moving forwards. Our rock solid capital, liquidity and funding positions provide us with the flexibility and confidence to meet the economic and regulatory challenges ahead.

These results are further evidence of Barclays ability to execute on our priorities as we deliver sustainable long term value for all of our stakeholders."

Bob Diamond, Chief Executive

1 Goodwill impairment has been excluded from adjusted profit before tax following the impairment of Spain (£550m) and FirstPlus (£47m) goodwill in 2011. 2010 adjusted profit before tax has been revised to exclude Barclays Bank Russia goodwill impairment of £243m.

2 Adjusted performance measures and profit before tax exclude the impact of £2,708m (2010: £391m) own credit gains, £1,130m (2010: £nil) gains on debt buy-backs (retirement of non-qualifying Tier 1 Capital under Basel 3), £58m (2010: £nil) loss on disposal of a portion of the Group's strategic investment in BlackRock, Inc. recycled through investment income, £1,800m (2010: £nil) impairment of investment in BlackRock, Inc., £1,000m (2010: £nil) provision for PPI redress, £597m (2010: £243m) goodwill impairment and £94m loss (2010: £210m gain) on acquisitions and disposals. The UK bank levy has not been included as an adjusting item.

Financials - Performance Highlights

Chief Executive's Review

2011 Performance Summary

Barclays has delivered solid results for the full year 2011 amidst a challenging economic, market and regulatory environment and has done so by continuing to support growth in the real economy. Our universal banking model enabled us to generate adjusted profit before tax of £5.6bn, driven by increased profits in the majority of our businesses. These results were underpinned by our relentless focus on clients and customers, which enabled us to improve our competitive position across all of our focus businesses.

Given the many uncertainties surrounding the current environment, we remain focused on our four execution priorities: capital, funding and liquidity; returns; income growth; and citizenship.

Disciplined cost management supported our efforts, with Group adjusted operating expenses reduced by over £500m in 2011. The success we've achieved to date has led us to increase our cost reduction target to £2bn by 2013 for non-performance costs, excluding the impact of the UK bank levy.

In addition to generating operational efficiencies, we have reduced total incentive awards across Barclays by 26%, which reflects the financial results for the Group. This appropriately balances our responsibility to our shareholders and the broader economic environment with our need to remain competitive by retaining the best talent to serve our clients.

These financial results for 2011 have been complemented by our continuing efforts to re-enforce our trusted position in the communities where we live and work, and by our contributions to the real economy. One very tangible way in which we have done that in 2011 is through helping to start up over 100,000 businesses here in the UK, and through exceeding our lending commitments under Project Merlin. Barclays has supported the UK economy in this way for over 300 years. We will continue to do everything we can to support our customers and clients and hope that our lending will grow as a result. We want to remain leaders in this space.

1. Capital, Funding and Liquidity

Our rock solid capital, funding and liquidity remain a fundamental cornerstone of our strategy, a source of stability for our customers and clients and an advantage relative to our competitors.

- Our Core Tier 1 ratio remains robust at 11.0% and we have managed risk weighted assets tightly with significant reductions in credit market exposures and improved capital efficiency. Together with the lower levels of market activity, this has more than offset the impact of CRD3

- Despite the funding challenges faced by the sector, we maintained a strong liquidity position throughout 2011 and continue to access a variety of global funding sources, demonstrated by the diverse nature of our debt issuance by product, maturity and currency

- The liquidity pool of £152bn is composed of high quality assets, with over 90% in central bank deposits and highly liquid government bonds

2. Returns

The Group continues to evolve and the strength of our universal banking model helped to achieve balanced profits across our retail and business banking and corporate and investment banking businesses. Our focus on delivering returns is a key driver in the way we manage the business:

- Our world class UK RBB and Barclaycard businesses have increased adjusted returns on equity in 2011 to 14.9% and 17.4% respectively

- In Barclays Capital, returns fell to 10.4%, reflecting the difficult market environment and the impact of CRD3. We are not complacent and will continue to evolve the business within the economic and regulatory environment. We are confident in our ability to generate target returns based on our client franchise and scalable platforms

- Africa region generated approximately £1.3bn of profit, equivalent to more than 20% of Group profits in 2011, with improved ROE of 10.0% for Africa RBB

- The investment programme in Barclays Wealth is on track and return on equity improved to 10.9% as we continue to grow this high return business

Chief Executive's Review

- Barclays Corporate returned to profitability and positive returns in 2011, excluding adjusting items, and we implemented significant restructuring in Spain, which depressed returns in 2011 as we continue to work to improve this business

- The adjusted return on average shareholders' equity of 6.6% (2010: 6.8%) was below our stated goal of 13% for 2013. Since setting the target the worse than predicted macro economic conditions, in addition to new regulatory constraints mean that we may not be able to deliver 13% returns by 2013 However, we will continue to focus on improving business performance, capital discipline, controlling funding costs, reducing expenses and growing income to deliver a steady improvement in returns moving forward and achieve 13% over time

- One important way we will improve returns is through cost efficiency. At the beginning of 2011, we announced plans to reduce the run rate of the non-performance cost base by £1bn annually by 2013. In 2011, we reduced Barclays operating expenses by over £500m through driving more efficienciesacross the business. We continue to challenge the cost base and now anticipate exceeding our commitment, with £2bn of cost savings in 2013 now targeted

3. Income Growth

Another component of our plan to improve returns is income growth.

- While the macro environment has depressed income growth, we generated momentum by improving the competitive positions of all our major businesses. We grew net operating income in all of our businesses except Barclays Capital, where the macro conditions were the most acute

- UK RBB; 11% increase, driven by mortgages and personal savings

- Barclaycard; 21% increase, largely reflecting modest growth in customer balances

- Africa RBB; 5% increase, or 11% in underlying currencies, driven by a strong performance in South Africa

- Europe RBB; 14% increase, reflecting improved margins and reduced impairment

- Barclays Corporate; 38% increase, principally due to lower impairment

- Barclays Wealth; 13% increase, as we continued to deliver our investment programme

- As we deliver income growth, we remain focused on improving the quality of assets to ensure that we do not grow at the expense of future impairment

4. Citizenship

Citizenship is our fourth execution priority. We have made good progress in 2011, but recognise that our agenda will take time and ongoing commitment to deliver.

We have included new disclosure on the Performance Highlights for 2011, grouped by our areas of focus: contributing to growth in the real economy; the way we do business; and supporting our communities.

We believe this focus on citizenship is critical to delivering sustainable returns for all our stakeholders.

Conclusion

We expect the economic and regulatory environment to continue to be challenging in 2012 but, as we have shown in the past year, Barclays is improving its competitive position across all of our businesses and working hard to support economic growth more broadly. Our focus on putting clients and customers at the centre of everything we do will enable us to generate the financial returns that we're targeting over time.

Bob Diamond, Chief Executive

Group Finance Director's Review

For 2011 we reported a slight decrease in profits, as reduction in income at Corporate and Investment Banking was partly offset by income improvements in all other businesses, a significant improvement in credit impairment and cost reductions. Prudent capital management led to a further increase in our Core Tier 1 ratio. Our funding and liquidity remains strong.

Income Statement

- Profit before tax of £5,879m decreased 3% on 2010. Group adjusted profit before tax of £5,590m decreased 2% on 2010. Adjusted results provide a more consistent basis for comparing business performance between periods

- Adjusted income declined 8% to £28,512m, principally reflecting a decrease in income at Barclays Capital. Income increased in most other businesses despite continued low interest rates and difficult macroeconomic conditions

- The RBB, Corporate and Wealth net interest margin remained stable at 204bps (2010: 203bps). Net interest income from RBB, Corporate, Wealth and Barclays Capital increased 5% to £13.2bn, of which the contribution from hedging (including £463m of increased gains from the disposal of hedging instruments) increased by 3%

- Credit impairment charges decreased 33% to £3,802m, reflecting significant improvements across all businesses. Impairment charges as a proportion of Group loans and advances as at 31 December 2011 improved to 77bps, compared to 118bps for 2010. In addition, impairment of £1,800m was taken against our investment in BlackRock, Inc.

- Adjusted operating expenses, which exclude the £1bn provision for PPI redress and £597m (2010: £243m)goodwill impairment, were down £548m to £19,180m. Excluding the UK bank levy of £325m introduced in 2011, operating expenses were down 4% to £18,855m, which included £408m (2010: £330m) of restructuring charges

- Despite cost savings, the adjusted cost: income ratio increased to 67% (2010: 64%), reflecting lower income, increased restructuring charges and the UK bank levy. At Barclays Capital the cost: net operating income ratio was 71% (2010: 65%) and the compensation: income ratio was 47% (2010: 43%), reflecting lower income in difficult conditions

- The effective tax rate increased to 32.8% (2010: 25.0%), principally due to non-deductible charges arising on the impairment of BlackRock, Inc. and goodwill and the UK bank levy

- Adjusted income in the fourth quarter was 13% below the run rate for the full year, principally reflecting the difficult market conditions affecting Barclays Capital and gains on the disposal of hedging instruments mainly taken in the third quarter. Credit impairment charges for the quarter were in line with the full year run rate and adjusted operating costs continued to reduce below the 2011 run rate, even allowing for the full year charge for the UK bank levy taken in Q4

Balance Sheet

- Net asset value per share increased 9% to 456p. Net tangible asset value per share increased 13% to 391p

- Total shareholders' equity (including non-controlling interests) at 31 December 2011 was £65.2bn (2010: £62.3bn). Excluding non-controlling interests, shareholders' equity increased £4.7bn to £55.6bn, driven by profit after tax of £3.0bn and positive available for sale and cash flow hedge reserve movements offset by negative currency translation and dividends paid

- Total assets increased to £1,564bn (2010: £1,490bn), principally due to an increase in the fair value of gross interest rate derivative assets as major forward curves decreased, partially offset by a decrease in reverse repurchase agreements

- The Group's loan to deposit ratio continued to improve to 118% (2010: 124%)

- Adjusted gross leverage remained stable at 20x and moved within a month end range of 20x to 23x. Excluding the liquidity pool, adjusted gross leverage remained flat at 17x

Capital Management

- At 31 December 2011, the Group's Core Tier 1 ratio was 11.0% (2010: 10.8%) reflecting the contribution from retained earnings and reductions in risk weighted assets, which more than offset the impact of CRD3

Group Finance Director's Review

- The Group continued to generate Core Tier 1 Capital from retained profits (excluding own credit, impairment of investment in BlackRock, Inc. and goodwill impairment, which are added back for regulatory capital purposes). This contribution of £2.6bn was largely offset by other movements in Core Tier 1 Capital, notably pension contributions and foreign currency movements, resulting in an increase in Core Tier 1 Capital of £0.2bn to £43.1bn

- Risk weighted assets decreased slightly to £391bn (2010: £398bn) largely reflecting foreign exchange movements and decreases in Barclays Capital from lower levels of activity, risk reduction and sales of credit market exposures, which more than outweighed the £30bn increase resulting from the implementation of CRD3 in December

- We expect that the strength of our Core Tier 1 ratio, our ability to generate capital organically and our optimal use of risk weighted assets will enable us to meet our targeted capital ratios after absorbing the impact of Basel 3

Funding and Liquidity

The Group's overall funding strategy is to develop a diversified funding base and maintain access to a variety of alternate funding sources, so minimising the cost of funding and providing protection against unexpected fluctuations. Within this, the Group aims to align the sources and uses of funding.

- Customer loans and advances are largely funded by customer deposits, with any excess being funded by long-term wholesale secured debt and equity. The total loan to deposit ratio as at 31 December 2011 was 118% (2010: 124%) and the loan to deposit and long-term funding ratio was 75% (2010: 77%)

- Wholesale funding is well managed:

- Trading portfolio assets are largely funded by repurchase agreements. The majority of reverse repurchase agreements are matched by repurchase financing, with the remainder used to settle trading portfolio liabilities

- Derivative assets and liabilities are largely matched

- The liquidity pool is largely funded by wholesale debt maturing in less than one year, with a substantial portion maturing in more than one year

- As at 31 December 2011, the Group had £265bn of wholesale debt diversified across currencies, of which just £39bn was secured:

- Term funding maturing in 2012 totals £27bn. Term funding raised in 2011 amounted to £30bn (2010: £35bn) compared to term funding maturities of £25bn. During January 2012, £5bn of term funding was raised

- Approximately 10% of customer loans and advances at 31 December 2011 were secured against external funding, leaving significant headroom for further secured issuance

- At 31 December 2011 the liquidity pool was £152bn (2010: £154bn) and moved within a month-end range of £140bn to £167bn, with short-term funding being rolled over despite the stress in the wholesale funding markets. The liquidity pool comprises high quality, liquid unencumbered assets, diversified across currencies, broadly in line with wholesale debt requirements, with 93% (2010: 88%) of the pool comprising cash and deposits with central banks and government bonds

- The Group monitors compliance against anticipated Basel 3 metrics, including the Liquidity Coverage Ratio (LCR) and the Net Stable Funding Ratio (NSFR). As at 31 December 2011, the Group met 82% of the LCR (2010: 80%) and 97% of the NSFR (2010: 94%) requirements and is on track to meet the 100% compliance under Basel 3 required by 2015 and 2018 respectively

Dividends

- We will pay a final dividend for 2011 of 3p per share on 16 March 2012 giving a total declared dividend for 2011 of 6p per share

Outlook

- The performance in January of RBB and Corporate Banking was consistent with the good performance achieved in 2011. Though it is too soon to suggest a trend, improvement in market conditions resulted in an encouraging start to the year for Barclays Capital

Chris Lucas, Finance Director

Condensed Consolidated Financial Statements

Condensed Consolidated Financial Statements

Condensed Consolidated Financial Statements

Condensed Consolidated Financial Statements

1 Details of Share Capital and Other Reserves are shown on page 76.

2 Details on Non-controlling Interests are shown on page 70.

Results by Business