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Exhibit 7.4

BARCLAYS PLC

RATIOS OF EARNINGS UNDER US GAAP TO COMBINED FIXED CHARGES, PREFERENCE SHARE DIVIDENDS AND PAYMENTS TO RESERVE CAPITAL INSTRUMENT HOLDERS

	Year ended 31st December
	2002	2001	2000		1999		1998
	(£ millions except for ratios)
COMBINED FIXED CHARGES, PREFERENCE SHARE DIVIDENDS AND PAYMENTS TO RESERVE CAPITAL INSTRUMENT HOLDERS
Total Interest excluding interest on trading liabilities and interest on deposits	1,896	2,532	1,849		1,419		1,497
Interests on trading liabilities	4,297	5,824	5,024		3,686		3,834
One third of rental expense	87	95	74		102		97
Preference share dividends and payments to Reserve Capital Instrument holders	104	104	66		38		35
Total fixed charges excluding interest on deposits	6,384	8,555	7,013		5,245		5,463
Interests on deposits and current accounts	3,811	4,818	4,778		3,271		4,103
Total fixed charges including interests on deposits	10,195	13,373	11,791		8,516		9,566
EARNINGS
Income before taxes and minority interests(a)	3,205	3,425	3,392		2,478		1,910
UK/US GAAP adjustments(b)	261	396	(83	)	(307	)	97
Payments to Reserve Capital Instrument Holders	149	138	47		0		0
	3,615	3,959	3,356		2,171		2,007
Fixed charges excluding interests on deposits	6,280	8,451	6,947		5,207		5,428
	9,895	12,410	10,303		7,378		7,435
Less
Unremitted pre-tax loss/(income) of associated companies and joint ventures	11	13	14		21		(18	)
Total earnings excluding interest on deposits	9,906	12,423	10,317		7,399		7,417
Interest on deposits and current accounts	3,811	4,818	4,778		3,271		4,103
Total earnings including interest on deposits	13,717	17,241	15,095		10,670		11,520
RATIO OF EARNINGS TO COMBINED FIXED CHARGES, PREFERENCE SHARE DIVIDENDS AND PAYMENTS TO RESERVE CAPITAL INSTRUMENTS HOLDERS
Excluding interest on deposits	1.55	1.45	1.47		1.41		1.36
Including interest on deposits	1.35	1.29	1.28		1.25		1.20

a)

The income before taxes and minority interests, in 2002, for Barclays Bank PLC is £2 million lower than Barclays PLC (2001: £2 million, 1998–2000: £nil). There is no impact on the above ratios as a result of this difference.

b)

For a discussion of significant differences between UK GAAP and US GAAP and a reconciliation of net income between amounts calculated under UK GAAP and those estimated under US GAAP, see note 63 of the accounts included herein.

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Exhibit 7.4

BARCLAYS PLC RATIOS OF EARNINGS UNDER US GAAP TO COMBINED FIXED CHARGES, PREFERENCE SHARE DIVIDENDS AND PAYMENTS TO RESERVE CAPITAL INSTRUMENT HOLDERS