Barclays 2005 Annual Report Download - page 211

49 Principal subsidiaries
Percentage
of equity
Country of registration capital held
or incorporation Company name Nature of business %
Botswana Barclays Bank of Botswana Limited Banking 74.9
Cayman Islands Barclays Capital Japan Limited Securities dealing 100*
Egypt Barclays Bank Egypt SAE Banking 100
England Barclays Bank PLC – ordinary shares Banking, holding company 100*
England Barclays Private Bank Limited Banking 100*
England Barclays Mercantile Business Finance Limited Commercial finance, holding company, leasing 100
England Barclays Global Investors UK Holdings Limited Holding company 87.9
England Barclays Global Investors Limited Investment management 87.9*
England Barclays Life Assurance Company Limited Life and pensions business 100
England Barclays Bank Trust Company Limited Banking, securities industries and trust services 100
England Barclays Stockbrokers Limited Stockbroking 100
England Barclays Capital Securities Limited Securities dealing 100
England Barclays Global Investors Pensions Management Limited Investment management 87.9*
England FIRSTPLUS Financial Group PLC Consumer finance 100*
England Gerrard Investment Management Limited Investment management 100*
Ghana Barclays Bank of Ghana Limited Banking 100
Ireland Barclays Insurance (Dublin) Limited Insurance 100*
Ireland Barclays Assurance (Dublin) Limited Insurance 100*
Isle of Man Barclays Private Clients International Limited Banking 100
Jersey Barclays Private Bank & Trust Limited Banking, holding company 100*
Kenya Barclays Bank of Kenya Limited Banking 68.5
South Africa Absa Group Limited Banking 56.6
Spain Barclays Bank SA Banking 99.6
Switzerland Barclays Bank (Suisse) S.A. Banking and trust services 100*
USA Juniper Financial Corporation Credit card issuer 100
USA Barclays Capital Inc. Securities dealing 100*
USA Barclays Global Investors, National Association Investment management and securities industry 87.9*
Zimbabwe Barclays Bank of Zimbabwe Limited Banking 67.7*
In accordance with Section 231(5) of the Companies Act 1985, the above information is provided solely in relation to principal subsidiaries.
With the exception of Barclays Capital Japan Limited, which operates in Japan, the country of registration or incorporation is also the principal area
of operation of each of the above subsidiaries. Investments in these subsidiaries are held directly by Barclays Bank PLC except where marked *.
Full information of all subsidiaries will be included in the Annual Return to be filed at Companies House.
50 Other entities
There are a number of entities that do not qualify as subsidiaries under UK Law but which are consolidated under IAS 27 (SIC-12) when the
substance of the relationship between the Group and the entity (usually a Special Purpose Entity (SPE)) indicates that the entity is controlled by the
Group. Such entities are deemed to be controlled by the Group when relationships with such entities gives rise to benefits that are in substance no
different from those that would arise were the entity a subsidiary.
The consolidation of such entities may be appropriate in a number of situations, but primarily when:
•the operating and financial polices of the entity are closely defined from the outset (i.e. it operates on an ‘autopilot’ basis) with such policies
being largely determined by the Group;
•the Group has rights to obtain the majority of the benefits of the entity and/or retains the majority of the residual or ownership risks related to
the entity; or
•the activities of the entity are being conducted largely on behalf of the Group according to its specific business objectives.
Such entities are created for a variety of purposes including securitisation, structuring, asset realisation, intermediation and management.
Entities may have a different reporting date from that of the parent of 31st December. Dates may differ for a variety of reasons including local
reporting regulations or tax laws. In accordance with our accounting policies, for the purpose of inclusion in the consolidated financial statements
of Barclays PLC, entities with different reporting dates are made up until 31st December.
Entities may have restrictions placed on their ability to transfer funds, including payment of dividends and repayment of loans, to their parent entity.
Reasons for the restrictions include:
•Central bank restrictions relating to local exchange control laws.
•Central bank capital adequacy requirements.
•Company law restrictions relating to treatment of the entities as going concerns.
Barclays PLC
Annual Report 2005 209
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