Barclays 2011 Annual Report Download - page 113

Protium assets
Protium assets Acquisition date Acquisition date
As at
31.12.11
$m
As at
27.04.11
$m
As at
31.12.10
$m
As at
31.12.11
£m
As at
27.04.11
£m
As at
31.12.10
£m
US sub-prime and Alt-A 1,490 4,406 4,402 965 2,665 2,710
Commercial Mortgage-Backed Securities 1,422 3,092 3,257 921 1,870 2,103
Monoline protection – – 225 – – 145
CLO and other assets 596 1,952 1,636 386 1,181 1,189
Total collateral 3,508 9,450 9,520 2,272 5,716 6,147
Cash and cash equivalents n/a 231 1,364 n/a 140 881
Total assets 3,508 9,681 10,884 2,272 5,856 7,028
Loan to Protium – – 10,884 – – 7,028
On 16 September 2009, Barclays Capital sold assets of $12,285m, including $8,384m in credit market assets, to Protium Finance LP (Protium).
As part of the transaction, Barclays extended a $12,641m 10 year loan to Protium.
In April 2011, Barclays entered into several agreements to acquire all third party interests in Protium in order to help facilitate the Group’s early exit from
the underlying exposures. As a result, Protium was then consolidated by the Group. Subsequently, Protium sold its assets to Barclays entities and the
loan has been repaid.
As part of this transaction, £459m ($750m) was invested in Helix, an existing fund managed by Protium’s investment manager. The original investment
represented 86% of the Helix fund, which has been consolidated by the Group. The fund’s investments primarily comprise government and agency
securities. As at 31 December 2011, the fair value of Barclays investment in the fund was $729m.
Barclays PLC Annual Report 2011 www.barclays.com/annualreport 111
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