Barclays, London, is shifting $12.3 billion in problem assets from the recent U.S. mortgage/financial crisis into a new third-party vehicle in a deal it will fund over 10 years through a $12.6 billion loan to the third party involved.

The assets are being sold to Protium Finance, a newly established fund designed to purchase credit market assets from third parties and manage them over time. Protium's partners are providing $450 million of funding for its activities.

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