By Ben Simmons

Barclays confirms that it accessed Euros 8.2bn (£6.7bn) of the European Central Bank’s (ECB’s) long-term refinancing operation (LTRO) 3-year facility on 29 February 2012.

The funds provided through this facility will be used to manage the risk associated with mismatches between Barclays Euro-denominated assets and deposits in markets where Barclays has significant local operations. Euros 6.2bn of the funds will be accessed via the Banco de Espana and the remaining Euros 2.0bn via the Banco de Portugal for Barclays operations in those respective markets.

This long-term facility will provide funding stability to those businesses while Barclays continues to reduce the current funding mismatches and restructure them to be fit for the new market reality without harming the real economy, especially our extensive consumer, small business and commercial banking activities in these markets.

Until the funds are fully repaid, any funding benefit that might arise as a result of Barclays use of this facility – versus Barclays cost of funding – will be ring fenced in Barclays financial results and will not contribute to the remuneration of any personnel.