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Barclays to raise £5.8bn through new shares

30 July 2013 Last updated at 08:12 BST

Barclays has revealed plans to raise £5.8bn to shore up its finances.

The bank will raise the money by issuing new shares at a discounted price, in order to meet the requirements of UK regulators.

The Bank of England's Prudential Regulation Authority (PRA), has ruled that it needs to fill a hole in its capital resources - the funds that it puts aside as a protection for depositors and creditors - of £12.8bn by the middle of next year.

The plans were unveiled as Barclays posted adjusted pre-tax profits that fell 17% in the six months to the end of June at £3.6bn.

The BBC's business editor, Robert Peston, asked Barclays chief executive Anthony Jenkins that if by requiring Barclays to fill a £12bn hole in its accounts, the Prudential Regulation Authority was actually saying that the bank had been somewhat reckless.

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