RNS No 7878a
BARCLAYS BANK PLC
17th December 1997


                    BARCLAYS PROPERTY INDEX CERTIFICATES
                        LISTED ISSUES - 1997 and 1998
                                   "PICs"
                     Notification of Monthly Proxy Index
                   and Monthly Proxy Capital Growth Index




                                        IPD Annual Capital   IPD Annual
                                        Growth Index (1)     Index (1)

December 1995                           151.75646            396.43523
(As restated by IPD March 1997)
December 1996                           154.14037            434.53095
(As certified by IPD March 1997)

                                        Monthly Proxy        Monthly
                                        Capital Growth       Proxy
                                        Index (2)            Index (2)

October 1997
(estimated by IPD November 1997)        161.6                483.9
November 1997
(estimated by IPD December 1997)        163.3                491.8

                                        Capital              Total
                                        Growth               Return

In month of November 1997               1.1%                 1.6%

In 1997 to end November                 5.9%                 13.2%

Source: Investment Property Databank Limited ("IPD")


Notes
1.   The index referred to as the IPD "Annual Index" is the Investment
Property Databank All Property (Standing Investments excluding Active
Management) Annual Total Return Index.  The IPD Annual Capital Growth Index
is a component of the Annual Index and both are calculated by IPD from
information held in its annual database which at 31st December 1996 contained
information relating to individual properties having an aggregate value of
approximately #52.7 billion.

2.   IPD compiles monthly indices as proxies for the Annual Index (the
"Monthly Proxy Index") and for the Annual Capital Growth Index (the "Monthly
Proxy Capital Growth Index") for the preceding month.  The Monthly Proxy
Index and the Monthly Proxy Capital Growth Index are estimated by reference
to information contained in the monthly database, which at the end of
November 1997 contained information relating to individual properties having
an aggregate value of approximately #56.0bn.  As these indices are intended
to be proxies for the Annual Index and the Annual Capital Growth Index, the
constituent information is reweighted by sector, property type and region to
reflect the portfolio of properties used in the calculation of the Annual
Index and the Annual Capital Growth Index.

Investment Property Databank Limited ("IPD") will not be liable to any holder
of Barclays Property Index Certificates for any loss or damage as a result of
any error in any of the above mentioned indices.  This information has been
prepared by IPD. Whilst it is deemed to be reliable, neither Barclays Bank
PLC nor Barclays Global Investors Limited represents that such information is
accurate or complete and it should not be relied upon as such.  The prices of
investments which trade in limited markets may go up or down.  No part of
this publication may be reproduced in any manner without the written
permission of Barclays Global Investors Limited.

Seal House, 1 Swan Lane              Barclays Global Investors Limited
London EC4R 3UD                      Registered in London England,
Telephone: 0171-668 8000             No. 796793
Fax: 0171-668 4970                   Registered Office: 54 Lombard
Contact: Iain A Reid FRICS           Street, London EC3P 3AH
or Andrew P R Thomson ARICS          This publication has been
                                     approved by Barclays Global
17 December 1997                     Investors Limited regulated by IMRO
                                     (c) 1997 Barclays Global Investors
                                     Limited
                                     All rights reserved.

END

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