UK bank Barclays has covered the costs of its failed bid for Dutch rival ABN Amro after receiving its €200m ($282m) break fee, its chief executive told analysts in a trading update today.

Chris Lucas, group finance director of Barclays, said the payment offset the fees it paid to its advisers in connection with the offer for ABN Amro, which it withdrew last month after the Dutch bank's shareholders voted for a rival offer from the Royal Bank of Scotland, Fortis of Belgium and Santander of Spain.