Company: BCS
Filing Date: 2025-02-20
Form Type: 424B2
Source: 0001193125-25-030302
Chunk: 45

Company: BARCLAYS PLC
Filing Date: 2025-02-20
Form: 424B2
Chunk 45
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 the PRA has a broad power under sections 55M and 192C of the FSMA,
to impose requirements on the Issuer to strengthen its capital position, the effect of which could be to restrict or prohibit payments of interest on the Securities. If the PRA imposes such a requirement, the Issuer will exercise its discretion to
cancel (in whole or in part, as required by the PRA) interest payments in respect of the Securities.

Any further changes to the rules to
include more onerous requirements, and/or any decrease in the Group’s capital, leverage and/or MREL resources, and/or increase in such requirements applicable to the Group, may increase the risk of (i) the Issuer breaching its combined
buffer and being bound by MDA Restrictions and/or (ii) the PRA imposing requirements on the Issuer under sections 55M and 192C of the FSMA, each of which may, in turn, increase the risk of the Issuer exercising its discretion to cancel interest
payments in respect of the Securities. Moreover, a decline or perceived decline in the Group’s capital, leverage and/or MREL resources towards a level at which a breach of the combined buffer requirement or an exercise of the PRA’s powers
under section 55M and 192C of the FSMA may occur, may significantly affect the trading price of the Securities.

As a holding company, the level of the Issuer’s Distributable Items and its available funding may be affected by a number of factors. Insufficient Distributable Items or funding may restrict the Issuer’s ability to make interest payments on the Securities.

As a holding company, the level of the Issuer’s Distributable Items is affected by a number of factors, principally its ability to receive
funds, directly or indirectly, from its operating subsidiaries in a manner which creates Distributable Items for the Issuer. The Issuer is also reliant on the receipt of distributions from its subsidiaries for funding the Issuer’s payment
obligations. Consequently, the level of the Issuer’s Distributable Items and available funding, and therefore its ability to make interest payments on the Securities, are a function of its existing Distributable Items, future Group
profitability, the ability of the Issuer’s operating subsidiaries to distribute or dividend profits up the Group structure to the Issuer and other factors such as the amount and availability of such profits and how they are calculated in
accordance with accounting rules including the valuation of investment in subsidiaries. In