Obligation Barclay PLC 0% ( XS0988905997 ) en EUR

Barclay PLC

100 % ▲

Royaume-uni

XS0988905997 ( en EUR )

31/03/2029

Prospectus brochure de l'obligation Barclays PLC XS0988905997 en EUR 0%, échéance 31/03/2029

100 000 EUR

50 000 000 EUR

Barclays PLC est une banque multinationale britannique offrant une large gamme de services financiers, notamment la banque de détail, la gestion de patrimoine, la banque d'investissement et les cartes de crédit, opérant dans de nombreux pays à travers le monde.

L'Obligation émise par Barclay PLC ( Royaume-uni ) , en EUR, avec le code ISIN XS0988905997, paye un coupon de 0% par an.
Le paiement des coupons est trimestriel et la maturité de l'Obligation est le 31/03/2029

BARCLAYS BANK PLC
(Incorporated with limited liability in England and Wales)
________________________________________________________________
EUR 50,000,000 Fixed to Floating Rate Notes Subject to Curve Cap due 31 March 2029
(the "Securities" or the "Notes")
Series: NX0001463768
________________________________________________________________
Issued under the Global Structured Securities Programme
What is this document?
This document (the "Prospectus"), which has been published on the website of the Luxembourg Stock
Exchange (www.bourse.lu), constitutes a prospectus for the purposes of Article 5.3 of Directive
2003/71/EC as amended by Directive 2010/73/EU (the "Prospectus Directive") relating to the
Securities. This Prospectus, including the documents incorporated by reference within it, is intended to
provide investors with information necessary to enable them to make an informed investment decision
before purchasing the Securities.
Who is the Issuer?
The Securities will be issued by Barclays Bank PLC (the "Issuer"). The payment of any amounts due
under the Securities are subject to the Issuer's financial position and its ability to meet its obligations.
This Prospectus, including the documents incorporated by reference within it, contains information
describing the Issuer's business activities as well as certain financial information and material risks
faced by the Issuer.
What are the Securities?
The Securities are issued by the Issuer under its Global Structured Securities Programme (the
"Programme"). The terms and conditions of the Securities (the "Conditions") will comprise:

The General Conditions (the "General Conditions") as incorporated by reference from the Base
Prospectus (as defined below); and

The specific terms of the Securities, which amend and complete the General Conditions, as set
forth in 'Terms and Conditions of the Securities - Issue Terms' below (the "Issue Terms").
The Securities will pay a fixed rate of interest in respect of the period from the issue date of the
Securities until 31 March 2017 and will pay a floating rate of interest, subject to a cap which is itself
determined by the floating rate of interest during the applicable period, thereafter.
What information is incorporated by reference?
The Prospectus incorporates by reference certain information from GSSP Base Prospectus 8 dated 23
January 2014 in relation to the Programme (the "Base Prospectus") and certain other information in
relation to the Issuer. See the section entitled 'Documents Incorporated by Reference' below. You
should read this document together with such information incorporated by reference. Documents will
be
made
available
at
the
registered
office
of
the
Issuer
and
at
http://www.barclays.com/investorrelations/debtinvestors.
What are the principal risks?
Before purchasing the Securities, you should consider in particular the 'Risk Factors' below, in addition
to the other information in this Prospectus.

28 March 2014
2

Important Information
IMPORTANT INFORMATION
IF THE ISSUER BECOMES INSOLVENT OR BANKRUPT OR OTHERWISE FAILS TO
MAKE ITS PAYMENT OBLIGATIONS ON THE SECURITIES, YOU MAY LOSE SOME OR
ALL OF YOUR ORIGINAL INVESTMENT. INVESTING IN SECURITIES INVOLVES
CERTAIN RISKS, AND YOU SHOULD FULLY UNDERSTAND THESE BEFORE YOU
INVEST. SEE 'RISK FACTORS' BELOW.
Regulatory approval for the purposes of the Prospectus Directive
This Prospectus has been approved by the Commission de Surveillance du Secteur Financier in its
capacity as competent authority in the Grand Duchy of Luxembourg (the "CSSF") as a prospectus
issued in compliance with the Prospectus Directive in the Grand Duchy of Luxembourg for the purpose
of giving information with regard to the issue of Securities under the Programme.
The contents of this Prospectus have not been reviewed or approved by any regulatory authority other
than the CSSF.
Please note that by Approving the Prospectus the CSSF gives no undertaking as to the economic or
financial opportuneness of the transaction or the quality and solvency of the Issuer. The CSSF gives no
undertaking as to the economic and financial soundness of the transaction and the quality or solvency
of the Issuer in line with the provisions of Article 7 (7) of the Luxembourg Law on Prospectuses for
securities.
Listing and Admission to Trading
Application has also been made to the Luxembourg Stock Exchange for the Securities issued to be
listed on the Official List of the Luxembourg Stock Exchange and admitted to trading on the regulated
market of the Luxembourg Stock Exchange (a regulated market for the purposes of Directive
2004/39/EC on Markets in Financial Instruments). This Prospectus will be published on the website of
the Luxembourg Stock Exchange (www.bourse.lu).
Independent Evaluation
Nothing set out or referred to in this Prospectus is intended to provide the basis of any credit or other
evaluation (except in respect of any purchase of the Securities) or should be considered as a
recommendation by the Issuer or the Manager that any recipient of this Prospectus (or any document
referred to herein) should purchase any Securities.
An investor should not purchase the Securities unless they understand the extent of their exposure to
potential loss. Investors are urged to read the factors described in the section headed 'Risk Factors',
together with the other information in this Prospectus (including any information incorporated by
reference), before investing in the Securities.
Investors should note that the risks described in the section headed 'Risk Factors' are not the only risks
that the Issuer faces or that may arise because of the nature of the Securities. The Issuer has described
only those risks relating to its operations and to the Securities that it considers to be material. There
may be additional risks that the Issuer currently considers not to be material or of which it is not
currently aware.
Given the nature, complexity and risks inherent in the Securities (and investments relating to any
Underlying Assets), the Securities may not be suitable for an investor's investment objectives in the
light of his or her financial circumstances. Investors should consider seeking independent advice to
assist them in determining whether the Securities are a suitable investment for them or to assist them in
evaluating the information contained or incorporated by reference into this Prospectus.
Distribution
The distribution or delivery of this Prospectus and any offer or sale of the Securities in certain
jurisdictions may be restricted by law. This document does not constitute, and may not be used for the
purposes of, an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is
not authorised or to any person to whom it is unlawful to make such offering or solicitation. Other than
3

Important Information
as expressly described in this Prospectus, no action is being taken to permit an offering of Securities or
the delivery of this Prospectus in any jurisdiction. Persons into whose possession this Prospectus comes
are required by the Issuer to inform themselves about and to observe any such restrictions.
Details of selling restrictions for various jurisdictions are incorporated by reference into this Prospectus
as set out in the section headed 'Purchase and Sale' of the Base Prospectus.
United States Selling Restrictions
The Securities have not been and will not be registered under the US Securities Act of 1933, as
amended (the "Securities Act") or with any securities regulatory authority of any state or other
jurisdiction of the United States. The Securities are being offered and sold outside the United States to
non-US persons in reliance on Regulation S ("Regulation S") under the Securities Act.
Subject to certain exceptions, Securities may not be offered or sold within the United States or to US
persons (as defined in Regulation S under the Securities Act).
For a description of these and certain further restrictions on offers, sales and transfers of Securities and
delivery of this Prospectus, see 'Purchase and Sale' and 'Clearance, Settlement and Transfer
Restrictions' as set out in the Base Prospectus which is incorporated by reference into this Prospectus.
THE SECURITIES HAVE NOT BEEN AND WILL NOT BE APPROVED OR DISAPPROVED BY
THE US SECURITIES AND EXCHANGE COMMISSION, ANY STATE SECURITIES
COMMISSION IN THE UNITED STATES OR ANY OTHER US REGULATORY AUTHORITY,
NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE
MERITS OF THE OFFERING OF SECURITIES OR THE ACCURACY OR THE ADEQUACY OF
THE OFFERING DOCUMENTS. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENCE IN THE UNITED STATES.
US foreign account tax compliance withholding
THE FOREIGN ACCOUNT TAX COMPLIANCE ACT ("FATCA") IS PARTICULARLY
COMPLEX AND ITS APPLICATION TO THE ISSUER, THE SECURITIES AND THE
INVESTORS IS UNCERTAIN AT THIS TIME. INVESTORS SHOULD CONSULT THEIR
OWN TAX ADVISERS TO OBTAIN A MORE DETAILED EXPLANATION OF FATCA AND
TO LEARN HOW THIS LEGISLATION MIGHT AFFECT EACH INVESTOR IN HIS OR
HER PARTICULAR CIRCUMSTANCE, INCLUDING HOW THE FATCA RULES MAY
APPLY TO PAYMENTS RECEIVED UNDER THE SECURITIES.
Representations
In connection with the issue and sale of the Securities, no person has been authorised to give any
information or to make any representation not contained in or consistent with the Prospectus and, if
given or made, such information or representation must not be relied upon as having been authorised
by the Issuer. The Issuer does not accept responsibility for any information not contained in the
Prospectus. This document does not constitute, and may not be used for the purposes of, an offer or
solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorised or to any
person to whom it is unlawful to make such offering or solicitation and no action is being taken to
permit an offering of the Securities or the distribution of this Prospectus in any jurisdiction where
action is required.
Change of Circumstances
Neither the delivery of this Prospectus, nor any sale of Securities pursuant thereto shall create any
impression that information therein relating to the Issuer is correct at any time subsequent to the date
thereof or that any other information supplied in connection with the Programme is correct as of any
time subsequent to the date indicated in the document containing the same. Notwithstanding the
foregoing, the Issuer shall produce a supplement to the Prospectus if a significant new factor, material
mistake or inaccuracy relating to the information included in the Prospectus which is capable of
affecting the assessment of the Security arises or is noted prior to the time when trading on a regulated
market begins.
4

TABLE OF CONTENTS
Page
Risk Factors
6
This section sets out the principal risks inherent in investing in the Securities, including
risks relating to investments linked to the Underlying Assets.
Information Incorporated by Reference
21
This section incorporates financial information regarding the Issuer from other publicly
available documents and the General Conditions and other information from a base
prospectus of the Issuer.
Information relating to the Issuer
24
This section provides a description of the Issuer's business activities as well as certain
financial information in respect of the Issuer.
Terms and Conditions of the Securities
38
This section sets out the terms and conditions of the Securities and comprises:
i. Introduction
38
This section describes the various parts comprising the terms and conditions of the
Securities.
ii. Issue Terms
39
This section sets out the specific terms of the Securities, including dates, amounts
and return calculations.
Other Information
44
This section sets out other information relating to the Securities.
Important Legal Information
45
This section sets out important legal information relating to the Securities.
General Information
46
This section provides certain additional information relating to the Securities, including
use of proceeds and availability of documents.
5

Risk Factors
RISK FACTORS
Investing in the Securities involves substantial risks. The risks highlighted below represent the
principal risks of investing in the Securities. These risks could negatively affect the amount which
investors will receive in respect of the Securities, potentially resulting in the loss of some or all of their
investment.
An investment in the Securities should only be made after assessing these principal risks, including any
risks applicable to the relevant floating rates of interest. More than one risk factor may have a
simultaneous effect with regard to the Securities such that the effect of a particular risk factor may not
be predictable. In addition, more than one risk factor may have a compounding effect which may not be
predictable. No assurance can be given as to the effect that any combination of risk factors may have
on the value of the Securities.
The risks below are not exhaustive and there may be additional risks and uncertainties that are not
presently known to the Issuer or that the Issuer currently believes to be immaterial but that could have
a material impact on the business operations or financial condition of the Issuer or the price of or
return on the Securities.
All capitalised terms that are not defined in this section will have the meanings given to them elsewhere
in this Prospectus.
CONTENTS
Page
1.
Risks associated with the Issuer's ability to fulfil its obligations under the
7
Securities
1.1
Investors in the Securities are exposed to the creditworthiness of the Issuer
7
1.2
Credit Risk: The financial condition of the Issuer's customers, clients and
8
counterparties, including other financial institutions, could adversely affect the
Issuer
1.3
Legal and regulatory related risks: The Issuer operates within a highly regulated
8
industry, and the Issuer's businesses and results are significantly affected by the
laws and regulations to which it is subject
1.4
Market Risk: The Issuer's financial position may be adversely affected by
8
changes in both the level and volatility of prices (for example, interest rates,
credit spreads, commodity prices, equity prices and foreign exchange rates)
1.5
Funding Risk: If the Issuer does not effectively manage its liquidity (liquidity
9
risk) and capital ratios (capital risk) its business could suffer
1.6
Reputation Risk: Damage to the Issuer's reputation could damage its businesses
9
1.7
Infrastructure and Technology Resilience
10
1.8
Transform Programme
10
1.9
Taxation risk could materially adversely affect the Issuer's operations
10
1.10
The Issuer is affected by risks affecting its parent company
10
2.
Risks relating to the potential loss of investment
11
3.
Risks associated with the valuation, liquidity and settlement of the
11
Securities
3.1
Possible illiquidity of the Securities in the secondary market
11
3.2
Issue of further Securities
12
3.3
Certain factors affecting the value and trading price of the Securities
12
3.4
Change in tax law
12
3.5
US Foreign Account Tax Compliance Withholding
12
3.6
Proposed Financial Transaction Tax
13
3.7
Regulatory action in the event of a bank failure could materially adversely
13
affect the value of the Securities
6

Risk Factors
3.8
The circumstances under which the relevant UK resolution authority would
15
exercise its proposed UK Bail-in Power are currently uncertain
3.9
The rights of holders of the Securities to challenge the exercise of any UK Bail-
15
in Power by the relevant UK resolution authority are likely to be limited
3.10
Book-Entry securities
16
4.
Risks associated with the features of the Securities
16
4.1
Switch Option
16
4.2
Determination
16
4.3
Substitution of the Issuer
16
4.4
Amendments to the terms and conditions of the Securities bind all investors in
16
the Securities
4.5
Adjustment or early redemption due to certain events
17
4.6
Issuer event of default
17
4.7
Costs associated with any early redemption of the Securities
17
4.8
Minimum Tradable Amounts; minimum nominal amounts
17
4.9
Securities may have foreign exchange risks
18
5.
Risks associated with the Securities being linked to the Underlying Assets
18
5.1
Value of the Securities is linked to the performance of the Underlying Assets
18
5.2
Past performance of an Underlying Asset is not indicative of future performance
18
5.3
Hedging
18
6.
Risks associated with specific Underlying Assets
19
6.1
Risks associated with interest rates as Underlying Assets
19
6.2
Determination of a floating rate using a Screen Rate
19
6.3
Proposals to reform benchmarks
19
6.4
The potential for the amount of interest payable under the Securities to increase
19
may be limited
7.
Risks associated with conflicts of interest
19
7.1
Conflict between the Issuer and investors
19
7.2
Determination Agent and conflicts of interest
20
7.3
Distributor(s) and conflicts of interest
20
1.
Risks associated with the Issuer's ability to fulfil its obligations under the Securities
1.1
Investors in the Securities are exposed to the creditworthiness of the Issuer
The Securities are direct, unsecured and unsubordinated obligations of the Issuer and will rank
equally among themselves. Any payments to be made by the Issuer under the Securities are
dependent upon the Issuer's ability to fulfil its obligations when they fall due. Investors are
therefore exposed to the creditworthiness of the Issuer and any deterioration in the Issuer's
creditworthiness or perceived creditworthiness (whether measured by actual or anticipated
changes in the credit ratings of the Issuer) may adversely affect the value of the Securities.
The Issuer is a major, global financial services company and, as such, faces a variety of risks
that are substantial and inherent in its businesses, and which may affect its ability to fulfil its
payment, delivery or other obligations under the relevant Securities. These risks include
liquidity risk, market risk, credit risk, operational risk, reputational risk, legal, regulatory and
compliance risks, litigation and other contingent liabilities, competition risks, the financial
condition of clients, customers and counterparties, adverse economic, monetary, political or
legal developments, cross-border and foreign exchange risk, catastrophic events, risks from
estimates and valuations and risks relating to strategy.
7

Risk Factors
1.2
Credit Risk: The financial condition of the Issuer's customers, clients and
counterparties, including other financial institutions, could adversely affect the Issuer
The Issuer is exposed to the risk of suffering loss if any of its customers, clients or market
counterparties fails to fulfil its contractual obligations. The Issuer may also suffer loss where
the downgrading of an entity's credit rating causes a fall in the value of the Issuer's investment
in that entity's financial instruments. In addition, the Issuer may incur significant unrealised
gains or losses due solely to changes in the Issuer's credit spreads or those of third parties, as
these changes may affect the fair value of the Issuer's derivative instruments and the debt
securities that the Group holds or issues. Weak or deteriorating economic conditions
negatively impact these counterparty and credit-related risks. In recent times, the economic
environment in the Issuer's main business markets (being Europe and the United States) has
been marked by generally weaker than expected growth, increased unemployment, depressed
housing prices, reduced business confidence, rising inflation and contracting GDP. Operations
in the Eurozone remain affected by the ongoing sovereign debt crisis, the stresses being
exerted on the financial system and the risk that one or more countries may exit the Euro. The
current absence of a predetermined mechanism for a member state to exit the Euro means that
it is not possible to predict the outcome of such an event and to accurately quantify the impact
of such event on the Issuer's profitability, liquidity and capital. If some or all of these
conditions persist or worsen, they may have a material adverse effect on the Issuer's
operations, financial condition and prospects.
1.3
Legal and regulatory related risks: The Issuer operates within a highly regulated
industry, and the Issuer's businesses and results are significantly affected by the laws
and regulations to which it is subject
As a global financial services firm, the Issuer is subject to extensive and comprehensive
regulation under the laws of the various jurisdictions in which it does business. These laws and
regulations significantly affect the way that the Issuer does business, and can restrict the scope
of its existing businesses and limit its ability to expand its product offerings or to pursue
acquisitions, or can make its products and services more expensive for clients and customers.
Non-compliance by the Issuer with applicable laws, regulations and codes relevant to the
financial services industry could lead to fines and/or substantial monetary damages, public
reprimands, damage to reputation, increased prudential requirements, changes to the Group's
structure and/or strategy, enforced suspension of operations or, in extreme cases, withdrawal
of authorisations to operate.
Other significant legal risks faced by the Issuer include the risk that key contractual or
intellectual property rights are not adequately protected or are not enforced as originally
expected, as well as the risk from regulatory investigations and proceedings and private
actions brought by third parties. The nature of any future disputes and legal or regulatory
investigations or proceedings, and the likelihood of their occurring, cannot be predicted in
advance. Furthermore, the outcome of any on-going disputes and legal or regulatory
investigations or proceedings is difficult to predict. However, it is likely that in connection
with any such on-going and future matters the Group will incur significant expense and one or
more of them could expose the Issuer to substantial monetary damages; other penalties and
injunctive relief; potential regulatory restrictions on the Group's business; and/or negative
effect on the Group's reputation. Where provisions have already been taken for on-going
matters these are based on the best currently available information, however the appropriate
level of provisions are kept under on-going review and there is a risk that provisions may need
to be increased to the extent that experience with any such matters is not in line with
management estimates.
1.4
Market Risk: The Issuer's financial position may be adversely affected by changes in
both the level and volatility of prices (for example, interest rates, credit spreads,
commodity prices, equity prices and foreign exchange rates)
The Issuer's financial position may be adversely affected by changes in both the level and
volatility of prices. The Issuer is at risk from its earnings or capital being reduced due to: (i)
changes in the level or volatility of positions in its trading books, primarily in the Investment
8

Risk Factors
Bank, including changes in interest rates, inflation rates, credit spreads, commodity prices,
equity and bond prices and foreign exchange levels, (ii) the Issuer being unable to hedge its
banking book balance sheet at prevailing market levels, and (iii) the Issuer's defined benefit
pensions obligations increasing or the value of the assets backing these defined benefit
pensions obligations decreasing due to changes in either the level or volatility of prices. These
market risks could lead to significantly lower revenues, which could have an adverse impact
on the Issuer's results of operations, financial condition and prospects.
1.5
Funding Risk: If the Issuer does not effectively manage its liquidity (liquidity risk) and
capital ratios (capital risk) its business could suffer
Funding risk is the risk that the Issuer may not be able to achieve its business plans due to:
being unable to maintain appropriate capital ratios (Capital risk); being unable to meet its
obligations as they fall due (Liquidity risk); adverse changes in interest rate curves impacting
structural hedges of non-interest bearing assets/liabilities or foreign exchange rates on capital
ratios (Structural risk).
Should the Group be unable to maintain or achieve appropriate capital ratios this could lead to:
an inability to support business activity; a failure to meet regulatory requirements; changes to
credit ratings, which could also result in increased costs or reduced capacity to raise funding;
and/or the need to take additional measures to strengthen the Group's capital or leverage
position. Basel III and the fourth Capital Requirements Directive ("CRD IV") have increased
the amount and quality of capital that the Group is required to hold. CRD IV requirements
adopted in the UK may change, whether as a result of further changes to CRD IV agreed by
EU legislators, binding regulatory technical standards being developed by the European
Banking Authority or changes to the way in which the UK's Prudential Regulation Authority
("PRA") interprets and applies these requirements to UK banks (including as regards
individual model approvals granted under CRD II and III). Such changes, either individually
and/or in aggregate, may lead to further unexpected enhanced requirements in relation to the
Group's CRD IV capital.
Additional capital requirements will also arise from other proposals, including the
recommendations of the UK Independent Commission on Banking, the EU High Level Expert
Group Review (Liikanen Review) and section 165 of the Dodd-Frank Act. It is not currently
possible to predict with accuracy the detail of secondary legislation or regulatory rulemaking
expected under any of these proposals, and therefore the likely consequences to the Group.
However, it is likely that these changes in law and regulation would require changes to the
legal entity structure of the Group and how its businesses are capitalised and funded and/or are
able to continue to operate and as such could have an adverse impact on the operations,
financial condition and prospects of the Group. Any such increased capital requirements or
changes to what is defined to constitute capital may also constrain the Group's planned
activities, lead to forced asset sales and/or balance sheet reductions, increase costs and/or
impact on the Group's earnings. Moreover, during periods of market dislocation, or when
there is significant competition for the type of funding that the Group needs, increasing the
Group's capital resources in order to meet targets may prove more difficult and/or costly.
1.6
Reputation Risk: Damage to the Issuer's reputation could damage its businesses
Damage may occur to the Issuer's brand arising from any association, action or inaction which
is perceived by stakeholders to be inappropriate or unethical. Failure to appropriately manage
reputation risk may reduce directly or indirectly the attractiveness of the Issuer to
stakeholders, including customers and clients, and may lead to negative publicity, loss of
revenue, litigation, higher scrutiny and/or intervention from regulators, regulatory or
legislative action, loss of existing or potential client business, reduced workforce morale, and
difficulties in recruiting and retaining talent. Sustained damage arising from conduct and
reputation risks could have a materially negative impact on the Issuer's ability to operate fully
and the value of the Issuer's franchise, which in turn could negatively affect the Issuer's
results of operations, financial condition and prospects.
9

Risk Factors
1.7
Infrastructure and Technology Resilience
The Issuer is exposed to risks to its infrastructure resilience and maintaining a banking
infrastructure which allows its customers to access their accounts and make payments in a
timely fashion. Any disruption in a customer's access to their account information or delays in
making payments will have a significant impact on the Issuer's reputation and may also lead to
potentially large costs to both rectify the issue and reimburse losses incurred by customers.
1.8
Transform Programme
The "Transform Programme" represents the current strategy of the Group, both for
improved financial performance and cultural change, and the Group expects to incur
significant restructuring charges and costs associated with implementing this strategic plan.
The successful development and implementation of such strategic plans requires difficult,
subjective and complex judgements, including forecasts of economic conditions in various
parts of the world and is subject to significant execution risks. For example, the Group's ability
to implement successfully the Transform Programme and other strategic plans may be
adversely impacted by a significant global macroeconomic downturn, legacy issues,
limitations in the Group's management or operational capacity or significant and unexpected
regulatory change in countries in which the Group operates. Moreover, progress on the various
components of the Transform Programme (including reduction in costs relative to net
operating income), is unlikely to be uniform or linear, and certain targets may be achieved
slower than others, if at all.
Failure to implement successfully the Transform Programme could have a material adverse
effect on the Group's ability to achieve the stated targets, estimates (including with respect to
future capital and leverage ratios and dividends payout ratios) and other expected benefits of
the Transform Programme and there is also a risk that the costs associated with implementing
the strategy may be higher than the financial benefits expected to be achieved through the
programme. In addition, the goals of embedding a culture and set of values across the Group
and achieving lasting and meaningful change to the Group's culture may not succeed, which
could negatively impact the Group's operations, financial condition and prospects.
1.9
Taxation risk could materially adversely affect the Issuer's operations
The Issuer is subject to the tax laws in all countries in which it operates, including tax laws
adopted at the EU level, and is impacted by a number of double taxation agreements between
countries.
There is risk that the Issuer could suffer losses due to additional tax charges, other financial
costs or reputational damage due to: failure to comply with, or correctly assess the application
of, relevant tax law; failure to deal with tax authorities in a timely, transparent and effective
manner (including in relation to historic transactions which might have been perceived as
aggressive in tax terms); incorrect calculation of tax estimates for reported and forecast tax
numbers; or provision of incorrect tax advice. Such charges, or conducting any challenge to a
relevant tax authority, could lead to adverse publicity, reputational damage and potentially to
costs materially exceeding current provisions, in each case to an extent which could have an
adverse effect on the Issuer's operations, financial conditions and prospects.
In addition, any changes to the tax regimes applicable to the Issuer could have a material
adverse effect on it. For example, depending on the terms of the final form of legislation as
implemented, the introduction of the proposed EU Financial Transaction Tax could adversely
affect certain of the Issuer's businesses and have a material adverse effect on the Issuer's
operations, financial conditions and prospects.
1.10
The Issuer is affected by risks affecting its parent company
The Issuer is also affected by risks affecting its parent company, Barclays PLC. Risks that
affect Barclays PLC can also affect the Issuer as there is substantial overlap in the businesses
of the Issuer and Barclays PLC. Further, the Issuer can be negatively affected by risks and
other events affecting Barclays PLC even where the Issuer is not directly affected. For
10