LONDON Reuters - Barclays expects to refile financial statements with U.S. regulators by the end of May, paving the way to resume a 1 billion pound $1.23 billion buyback program it halted after a trading blunder earlier this year.
After it issued more structured notes than was permitted in the United States, the bank had to file an accounting statement known as a Form 20 F with the Securities and Exchange Commission earlier this year.
The lender said refiling would allow it to resume the share buyback's shortly therafter', sticking to its pledge to do so within the second quarter of the year.
Over a period of about a year, the bank said on March 28 it had sold billions of pounds worth of securities over a period of about a year, oversetting the $20.8 billion limit agreed with the United States regulators by $15.2 billion.
The blunder has cost the bank $320 million in provisions against possible fines and posed an early setback for the new Chief Executive C.S., as well as a temporary halt on the buyback. Venkatakrishnan, who was known as Venkat, told reporters last month that Barclays had found no evidence of deliberate misconduct relating to the error and that the bank was working with all its regulators.