UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
April 26, 2018
Barclays Bank PLC
(Name of Registrant)
1 Churchill Place
London E14 5HP
England
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark whether the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark whether the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN THE REGISTRATION STATEMENT ON FORM F-3 (NO. 333-212571) AND FORM S-8 (NOS. 333-149302, 333-149301, 333-112797 AND 333-112796) OF BARCLAYS BANK PLC AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.
The Report comprises the following:
| Exhibit No. |
Description | |||
| 99.1 | — | Recent Developments | ||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| BARCLAYS BANK PLC | ||||||
| (Registrant) | ||||||
| Date: April 26, 2018 | By: | /s/ Garth Wright | ||||
| Name: | Garth Wright | |||||
| Title: | Assistant Company Secretary | |||||
Exhibit 99.1
RECENT DEVELOPMENTS
The following are certain recent developments with respect to Barclays Bank PLC which have occurred since the filing of the Joint Annual Report on Form 20-F of Barclays PLC and Barclays Bank PLC on 22 February 2018.
Structural reform
As previously announced, on 9 March 2018 Barclays PLC was granted approval from the Prudential Regulation Authority and the High Court of Justice of England and Wales to implement the “ring-fencing” of its day-to-day banking services of Barclays PLC using a legal process called a Ring-Fencing Transfer Scheme (the “Scheme”) under Part VII of the Financial Services and Markets Act 2000.
Barclays PLC implemented the Scheme, including the transfer of assets and liabilities from Barclays Bank PLC to the ring-fenced bank, Barclays Bank UK PLC, on 1 April 2018.
On 22 February 2018, Unaudited Pro Forma Condensed Consolidated Financial Information as of and for the year ended 31 December 2017 relating to the Scheme was included in a Current Report on Form 6-K filed by Barclays Bank PLC.
Investment in subsidiaries
As at 31 March 2018, the investment in subsidiaries of Barclays PLC of £40,854m (December 2017: £39,354m) predominately represents investments made into Barclays Bank PLC, including £8,986m (December 2017: £8,986m) of AT1 securities.
Loans and advances to subsidiaries, subordinated liabilities and debt securities in issue
For the three months ended 31 March 2018, Barclays PLC issued £1,500m and €1,055m of Fixed Rate Senior Notes included within the debt securities in issue balance of £23,120m (December 2017: £22,110m). Barclays PLC did not issue any subordinated liabilities in the period.
Management of internal investments, loans and advances
Barclays PLC retains the discretion to manage the nature of its internal investments in subsidiaries according to their regulatory and business needs. Barclays PLC may invest capital and funding in Barclays Bank PLC and other Group subsidiaries such as the Group Service Company, the US Intermediate Holding Company (IHC) and Barclays Bank UK PLC. In October 2017, the Bank of England published a consultation on “Internal MREL” and following that consultation a final statement of policy is expected to be published in H118. Accordingly, during the course of 2018 Barclays PLC expects to restructure certain investments in subsidiaries, including to subordinate internal MREL beneath operating liabilities, to the extent required to achieve compliance with internal MREL requirements which are expected to be in effect from 1 January 2019.
CRD IV CET1 Ratio
The CRD IV CET1 ratio (FSA October 2012 transitional statement) as applicable to Barclays Bank PLC’s tier 2 Contingent Capital Notes is equal to the transitional CET1 ratio. As at 31 March 2018, Barclays PLC’s transitional CET1 ratio was 12.7% (31 December 2017: 13.3.%).
Other matters
On 29 March 2018, information with respect to a settlement with the United States Department of Justice in relation to Residential Mortgage-Backed Securities was included in a Current Report on Form 6-K filed by Barclays Bank PLC.
On 20 April 2018, information with respect to the UK Financial Conduct Authority and UK Prudential Regulation Authority concluding investigations into Jes Staley and Barclays PLC was included in a Current Report on Form 6-K filed by Barclays Bank PLC.