Barclays declined to comment on speculation that it was in talks with at least six potential invest­ors, including the China Development Bank and Singaporean government investor Temasek which already have shares in the bank.

However, suggestions that the fundraising could be completed within the next two weeks are seen as optimistic.

Barclays has insisted the money would not be required to repair its balance sheet. “This is a business that has the choice and would not be raising funds because it has to,” said one banking source.

“No one should fear sovereign wealth funds,” Agius said. “As long as they act responsibly, which I am sure they will, they will be seen for what they are — pools of capital applied intelligently around the world.”

Agius also warned the global sub-prime crisis still had a little further to go but assets were “starting to come to their real value”.