TIDM40XQ
RNS Number : 2437Z
Gracechurch Card Programme Fdg PLC
13 December 2017
NOTICE TO NOTEHOLDERS
GRACECHURCH CARD PROGRAMME FUNDING PLC
(incorporated with limited liability in England and Wales with
registered number 6714746)
1 Churchill Place
London E14 5HP
(the "Issuer")
NOTICE OF PROPOSED CHANGES TO THE GCF PROGRAMME
to the holders of the outstanding notes issued pursuant to the
Gracechurch credit card backed receivables master trust programme
(the "GCF Programme")
GBP1,400,000,000 Series 13-3 Class A Floating Rate Asset-Backed
Notes due 2022 XS0992306141
GBP247,059,000 Series 13-3 Class D Floating Rate Asset-Backed
Notes due 2022 XS0992306224
GBP750,000,000 Series 14-1 Class A Floating Rate Asset-Backed
Notes due 2019 XS1081251016/ XS1081754944
GBP132,353,000 Series 14-1 Class D Floating Rate Asset-Backed
Notes due 2019 XS1081251289
GBP1,600,000,000 Series 14-2 Class A Floating Rate Asset-Backed
Notes due 2022 XS1133034923
GBP286,793,000 Series 14-2 Class D Floating Rate Asset-Backed
Notes due 2022 XS1133034253
GBP1,500,000,000 Series 15-1 Class A Floating Rate Asset-Backed
Notes due 2018 XS1321880418
GBP264,706,000 Series 15-1 Class D Floating Rate Asset-Backed
Notes due 2018 XS1321880509
GBP1,500,000,000 Series 15-2 Class A Floating Rate Asset-Backed
Notes due 2020 XS1323450822
GBP264,706,000 Series 15-2 Class D Floating Rate Asset-Backed
Notes due 2020 XS1323451127
(the "Notes")
1. Proposed changes to the structure of the Barclays Group due to ring-fencing
1.1 The "Ring-fencing" of day-to-day banking services is one of
the reforms brought in by the UK government, aiming to strengthen
the UK financial system, following the financial crisis that began
in 2008.
1.2 Barclays intends to satisfy this requirement by setting up a
ring-fenced bank, Barclays Bank UK PLC, which will be separate from
Barclays Bank PLC. The two entities will operate alongside, but
independently from, one another as part of the Barclays Group under
Barclays PLC.
2. PROPOSED SUBSTITUTION OF BARCLAYS BANK PLC as a transaction COUNTERparty
It is intended that Barclays Bank PLC will be substituted by
Barclays Bank UK PLC as a transaction counterparty for certain of
the roles currently undertaken by Barclays Bank PLC relating to the
GCF Programme (including but not limited to transferor, transferor
beneficiary, servicer, trust cash manager and MTN cash
manager).
3. How will theSE changeS BE EFFECTED?
Holders of Notes do not need to take any action for the changes
described above to take place. Barclays is seeking approval from
the Prudential Regulation Authority and the High Court of England
and Wales (the "Court") to complete the restructuring, outlined
above, using a legal process called a Ring-Fencing Transfer Scheme
(the "Scheme") under Part VII of the Financial Services and Markets
Act 2000. A hearing is scheduled in November 2017 for the Court to
initiate the process to consider and approve the Scheme. Subject to
approval, Barclays expects to implement the restructuring and fully
establish the ring-fenced bank in April 2018, ahead of the 1
January 2019 legislative deadline for implementation of
ring-fencing.
4. Ways to make sure your views are considered at Court
For further details, including key Court dates and guidance on
how to participate in the process, please refer to our website
home.Barclays/ring-fencing-explained.
5. FURTHER INFORMATION
For further information regarding the matters set out in this
notice, please contact:
Barclays Treasury
1 Churchill Place
London E14 5HP
Dated: 13(th) December 2017
This notice does not constitute or form part of any offer to
sell or the solicitation of an offer to subscribe for or otherwise
acquire any securities.
Information regarding forward-looking statements
This notice contains certain forward-looking statements with
respect to the Issuer. These forward-looking statements can be
identified by the fact that they do not relate only to historical
or current facts. Forward-looking statements sometimes use words
such as "may", "will", "expect", "intend", "plan" or other words of
similar meaning.
By their nature, forward-looking statements involve risk and
uncertainty because they relate to future events and
circumstances.
Subject to the Issuer's obligations under the applicable laws
and regulations of the UK in relation to disclosure and ongoing
information, the Issuer undertakes no obligation to update publicly
or revise any forward looking statements, whether as a result of
new information, future events or otherwise.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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December 13, 2017 06:38 ET (11:38 GMT)
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