Barclays PLC — Capital/Financing Update 2011

Apr 26, 2011

Final Terms

BARCLAYS BANK PLC

(Incorporated with limited liability in England and Wales)

BARCLAYS CAPITAL (CAYMAN) LIMITED

(Incorporated with limited liability in the Cayman Islands)

GLOBAL STRUCTURED SECURITIES PROGRAMME

for the issue of Securities

BARCLAYS BANK PLC

EUR 2,000,000 Equity Linked Notes due October 2012 (the "Notes")

Series GSN40217

under the Global Structured Securities Programme

Issue Price: 100 per cent. of par

This document constitutes the final terms of the Notes (the "Final Terms") described herein for the purposes of Article 5.4 of the Directive 2003/71/EC and is prepared in connection with the Global Structured Securities Programme established by Barclays Bank PLC (the "Bank") and Barclays Capital (Cayman) Limited ("BCCL") and is supplemental to and should be read in conjunction with the Base Prospectus dated 6 August 2010, as supplemented and amended from time to time, which constitutes a base prospectus (the "Base Prospectus") for the purpose of the Directive 2003/71/EC. Full information on the Issuer and the offer of the Securities is only available on the basis of the combination of these Final Terms and the Base Prospectus. The Base Prospectus is available for viewing during normal business hours at the registered office of the Issuer and the specified office of the Issue and Paying Agent for the time being in London and copies may be obtained from such office. Words and expressions defined in the Base Prospectus and not defined in this document shall bear the same meanings when used herein.

The Issuer accepts responsibility for the information contained in these Final Terms. To the best of its knowledge and belief (having taken all reasonable care to ensure that such is the case) the information contained in these Final Terms is in accordance with the facts and does not contain anything likely to affect the import of such information.

Investors should refer to the sections headed "Risk Factors" in the Base Prospectus for a discussion of certain matters that should be considered when making a decision to invest in the Securities.

Barclays Capital

Final Terms dated 26 April 2011

The distribution of this document and the offer of the Securities in certain jurisdictions may be restricted by law. Persons into whose possession these Final Terms come are required by the Bank to inform themselves about and to observe any such restrictions. Details of selling restrictions for various jurisdictions are set out in "Purchase and Sale" in the Base Prospectus. In particular, the Securities have not been, and will not be, registered under the US Securities Act of 1933, as amended, and are subject to US tax law requirements. Trading in the Securities has not been approved by the US Commodity Futures Trading Commission under the US Commodity Exchange Act of 1936, as amended. Subject to certain exceptions, the Securities may not at any time be offered, sold or delivered in the United States or to US persons, nor may any US persons at any time trade or maintain a position in such Securities.

Part A Terms and Conditions of the Securities

The Securities shall have the following terms and conditions, which shall complete, modify and/or amend the Base Conditions and/or any applicable Relevant Annex(es) set out in the Base Prospectus dated 6 August 2010.

Parties
Issuer:	Barclays Bank PLC
Guarantor:	N/A
Manager:	Barclays Bank PLC
Determination Agent:	Barclays Bank PLC
Issue and Paying Agent:	The Bank of New York Mellon
Stabilising Manager:	N/A
Registrar:	N/A
CREST Agent:	N/A
Paying Agents:	N/A
Transfer Agent:	N/A
Exchange Agent:	N/A
Additional Agents:	N/A

THE SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE US SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") AND THE SECURITIES COMPRISE BEARER SECURITIES THAT ARE SUBJECT TO US TAX LAW REQUIREMENTS. SUBJECT TO CERTAIN EXCEPTIONS, THE SECURITIES MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, US PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT ("REGULATION S")). THESE FINAL TERMS HAVE BEEN PREPARED BY THE ISSUER FOR USE IN CONNECTION WITH THE OFFER AND SALE OF THE SECURITIES OUTSIDE THE UNITED STATES TO NON-US PERSONS IN RELIANCE ON REGULATION S AND FOR LISTING OF THE SECURITIES ON THE RELEVANT STOCK EXCHANGE, IF ANY, AS STATED HEREIN. FOR A DESCRIPTION OF THESE AND CERTAIN FURTHER RESTRICTIONS ON OFFERS AND SALES OF THE SECURITIES AND DISTRIBUTION OF THESE FINAL TERMS, THE BASE PROSPECTUS AND THE SUPPLEMENTAL PROSPECTUSES SEE "PURCHASE AND SALE" IN THE BASE PROSPECTUS.

ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

Provisions relating to the Securities

1	(i)	Series:	GSN40217
	(ii)	Tranche:	1
2	Currency:		Euro ("EUR")
3	Notes:
	(i)	Aggregate Nominal Amount as at the Issue Date:	EUR 2,000,000
	(ii)	Specified Denomination:	EUR 50,000 and integral multiples of EUR 1,000 in excess thereof up to and including EUR 99,000. Securities will not be issued in definitive form with a Specified Denomination above EUR 99,000.
	(iii)	Calculation Amount per Security as at the Issue Date:	EUR 1,000
4	Certificates:		N/A
5	Form:
	(i)	Global/Definitive/Uncertificated and dematerialised:	Global Bearer Securities: Temporary Global Security, exchangeable for a Permanent Global Security
	(ii)	NGN Form:	Applicable
	(iii)	Held under the NSS:	N/A
	(iv)	CGN Form:	N/A
	(v)	CDIs:	N/A
6	Trade Date:		12 April 2011
7	Issue Date:		26 April 2011
8	Redemption Date:		26 October 2012, subject to adjustment in accordance with the Business Day Convention
9	Issue Price:		100 per cent. of the Aggregate Nominal Amount
10		Relevant Stock Exchange:	London Stock
11	The following Relevant Annex shall apply to the Securities:		Equity Linked Annex
		Provisions relating to interest (if any) payable on the Securities
12	Interest:		Applicable
13	Interest Amount:		(i) If on each Valuation Date(t)

  	Stock t	  	100%
	Stock	
	i	

then the Interest Amount payable on the applicable Interest Payment Date(t) will be equal to

t x 2.50% x Calculation Amount

(i) Otherwise, if on each Valuation Date(t)

$$
\left{\frac{\text{Stock}{\tau}}{\text{Stock}{i}}\right} < 100\%
$$

then no Interest Amount will be paid on the applicable Interest Payment Date(t).

Where:

"Initial Price" means as set out in paragraph 36(vi) below.

"Share Price" means the price of the Share at the Valuation Time on any Scheduled Trading Day.

"Stockt" means the Share Price on a Valuation Date(t).

"Stocki" means the Initial Price.

"t" represents a number from 1 to 6.

14	Interest Rate:	N/A
15	Screen Rate Determination:	N/A
16	ISDA Determination:	N/A
17	Margin:	N/A
18	Minimum/Maximum Interest Rate:	N/A
19	Interest Commencement Date:	N/A
20	Interest Determination Date:	N/A
21	Interest Calculation Periods:	N/A
22	Interest Payment Dates:	Each Interest Payment Date(t), as set out in the Schedule, subject to adjustment in accordance with the Business Day

the Schedule, subject to adjustment in accordance with the Business Day Convention.

23	Day Count Fraction:	N/A
24	Fall back provisions, rounding provisions,	N/A
	denominator and any other terms relating to

the method of calculating interest, if different from those set out in the Base Conditions:

Provisions relating to Redemption

25	Settlement Method:		(i) For the purposes of Condition 5.1 of the Base Conditions: Cash Settlement (ii) For the purposes of Condition 5.5 of the Base Conditions: Cash Settlement
26		Settlement Currency:	EUR
27		Settlement Number:	As defined in Condition 24 of the Base Conditions
28		Terms relating to Cash Settled Securities:
	(i) Final Cash Settlement Amount:		An amount in the Settlement Currency, payable on the Redemption Date in respect of each Calculation Amount, calculated as follows:
			(a) If the Final Price is greater than or equal to 60 per cent. of the Initial Price, then the Final Cash Settlement Amount will be:
			Calculation Amount x 100%,
			(b) Otherwise If the Final Price is less than 60 per cent. of the Initial Price, then the Final Cash Settlement Amount will be
			Stock Final CalculationAmount × Stock × 60% Initial
			Where:
			"Final Price" means the Share Price on the Final Valuation Date.
			"Final Valuation Date" means 19 October 2012.
	(ii)	Early Cash Settlement Amount:	As defined in Condition 24 of the Base Conditions
	(iii)	Early Cash Redemption Date:	As defined in Condition 24 of the Base Conditions
29	Securities:	Terms relating to Physically Delivered	N/A
30	Nominal Call Event:		N/A

31		Call Option:		N/A
32		Put Option:		N/A
33			Specified Early Redemption Event:	Applicable:
				Applicable
				If on a Valuation Date(t), the Share Price is greater than or equal to the Initial Price, a Specified Early Redemption Event will be deemed to have occurred and the Securities will be redeemed on the Specified Early Cash Redemption Date(t) immediately following such Valuation Date(t).
	(i)		Automatic Early Redemption:	Applicable
	(ii)		Cash Settled Securities:
		(a)	Specified Early Cash Settlement Amount:	Each Specified Early Cash Settlement Amount(t) as set out in the Schedule
		(b)	Specified Early Cash Redemption Date(s):	Each Specified Early Cash Redemption Date(i) as set out in the Schedule
	(iii)	Physically Delivered Securities:		N/A
	(iv) Specified Early Redemption Notice Period:			No less than 5 Business Days' prior notice
34	Maximum and Minimum Redemption Requirements:			N/A
35	Additional Disruption Events in addition to those specified in Condition 24 of the Base Conditions and any applicable Relevant Annex:			N/A
36			Share Linked Securities:	Applicable
	(i)		Share(s) (each a "Reference Asset"):	ArcelorMittal
				(Bloomberg Code: MT NA )
	(ii)		Exchange:	EuroNext Amsterdam
	(iii)		Related Exchanges:	All Exchanges
	(iv)		Exchange Rate:	N/A
	(v)	Assets:	Weighting for each Reference Asset comprising the Basket of Reference	N/A
	(vi)		Initial Price of each Reference Asset:	The arithmetic average of the Share Prices on the Initial Valuation Dates. Where:

			"Initial Valuation Date" means each Scheduled Trading Day from and including the Trade Date to and including the Issue Date.
	(vii)	Number of Shares:	N/A
	(viii)	Substitution of Shares:	Substitution of Share – Standard is Applicable
	(ix)	Valuation Date:	Each Initial Valuation Date, each Valuation Date(i) including the Final Valuation Date
	(x)	Valuation Time:	As defined in the Equity Linked Annex
	(xi)	Averaging:	N/A
	(xii)	Additional Disruption Event in respect of Share Linked Securities:	Insolvency Filing
	(xiii)	FX Disruption Event:	N/A
	(xiv)	Market Access Dividend and Rights Issue Provisions:	N/A
	(xv)	Dividend Exchange Rate:	N/A
	(xvi)	Other adjustments:	N/A
37		Index Linked Securities (Equity indices only):	N/A
38		Inflation Linked Securities:	N/A
39		FX Linked Securities:	N/A
40		Credit Linked Securities:	N/A
41		Commodity Linked Securities:	N/A
42		Proprietary Index Linked Securities:	N/A
43		Bond Linked Securities:	N/A
44		Mutual Fund Linked Securities:	N/A
		Provisions relating to Settlement
45		Minimum Settlement Amount:	N/A
46		Settlement in respect of VP Notes, APK Registered Securities, Dutch Securities, Italian Securities, Swedish Registered Securities, VPS Registered Securities or Spanish Securities:	N/A
47		Additional provisions relating to Taxes and Settlement Expenses:	N/A
Definitions
48		Business Day:	As defined in Condition 24 of the Base

Conditions

49 Additional Business Centre(s): N/A

Selling restrictions and provisions relating to certification

50	Non-US Selling Restrictions:	Investors are bound by the selling restrictions of the relevant jurisdiction(s) in which the Securities are to be sold as set out in the Base Prospectus. In addition to those described in the Base Prospectus, no action has been taken or will be taken by the Issuer that would permit a public offering of the Securities or possession or distribution of any offering material in relation to the Securities in any jurisdiction where action for that purpose is required. Each purchaser or distributor of the Securities represents and agrees that it will not purchase, offer, sell, re-sell or deliver the Securities or, have in its possession or distribute, the Base Prospectus, any other offering material or these Final Terms, in any jurisdiction except in compliance with the applicable laws and regulations of such jurisdiction and in a manner that will not impose any obligation on the Issuer or Manager (as the case may be) and the
		Determination Agent.
51	Applicable TEFRA exemption:	TEFRA D Rules Applicable
General
52	Business Day Convention:	Modified Following
53	Relevant Clearing Systems:	Euroclear
		Clearstream, Luxembourg
54	If syndicated, names of Managers:	N/A
55	Details relating to Partly Paid Securities:	N/A
56	Relevant securities codes:	ISIN: XS0586165598
		Common Code: 058616559
57	Modifications to the Master Subscription Agreement and/or Agency Agreement:	N/A
58	Additional Conditions and/or modification to the Conditions of the Securities:	N/A

Part B Other Information

1 LISTING AND ADMISSION TO TRADING

(i)	Listing	London
(ii)	Admission to trading:	Application is expected to be made by the Issuer (or on its behalf ) for the Securities to be admitted to trading on the London Stock Exchange's Regulated on or around the Issue Date.
(iii)	Estimate of total expenses related to admission to trading:	GBP 300.00 plus VAT

2 RATINGS

Ratings: The Securities have not been individually rated.

3 NOTIFICATION

N/A

4 INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE

Save as discussed in "Purchase and Sale", so far as the Issuer is aware, no person involved in the offer of the Securities has an interest material to the offer.

5 REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES

• (i) Reasons for the offer: General funding
• (ii) Estimated net proceeds: N/A
• (iii) Estimated total expenses: N/A

6 FIXED RATE SECURITIES ONLY - YIELD

• Indication of yield: N/A
• 7 FLOATING RATE SECURITIES ONLY - HISTORIC INTEREST RATES

N/A

8 PERFORMANCE OF REFERENCE ASSET(S) OR OTHER VARIABLE, EXPLANATION OF EFFECT ON VALUE OF INVESTMENT AND ASSOCIATED RISKS AND OTHER INFORMATION CONCERNING THE REFERENCE ASSET(S) AND/OR OTHER UNDERLYING

N/A

9 PERFORMANCE OF RATE OF EXCHANGE AND EXPLANATION OF EFFECT ON VALUE OF INVESTMENT

N/A

10 OPERATIONAL INFORMATION

Any clearing system(s) other than Euroclear Bank S.A./N.V. and Clearstream Banking Société Anonyme (together with their addresses) and the relevant identification number(s):	N/A
Delivery:	Delivery free of payment
Names and addresses of additional Paying Agents(s) (if any):	N/A
Intended to be held in a manner which would allow Eurosystem eligibility:	Yes Note that the designation "yes" simply means that the Securities are intended upon issue to be deposited with one of the International Central Securities Depositaries (ICSDs) as common safekeeper and does not necessarily mean that the Securities will be recognised as eligible collateral for Eurosystem monetary policy and intra-day credit operations by the Eurosystem either upon issue or at any or all times during their life. Such recognition will depend upon the ECB being satisfied that Eurosystem eligibility criteria have been met.

11 OFFER INFORMATION

The Issue Price includes a commission element to be shared with a third party, which will be no more than 1.23 per cent of the Issue Price. Further details of the commission element are available upon request.

Schedule

t	Valuation Date	Specified Early Cash Redemption Dates	Specified Early Cash Settlement Amount	Interest Payment Date
1	19 July 2011	26 July 2011	Calculation Amount * 100%	26 July 2011
2	19 Oct 2011	26 Oct 2011	Calculation Amount * 100%	26 Oct 2011
3	19 Jan 2012	26 Jan 2012	Calculation Amount * 100%	26 Jan 2012
4	19 Apr 2012	26 Apr 2012	Calculation Amount * 100%	26 Apr 2012
5	19 July 2012	26 July 2012	Calculation Amount * 100%	26 July 2012
	Final Valuation Date	N/A	N/A	Redemption Date