On 20 December the Co-operative Group and Co-operative Bank announced that the 'liability management exercise' - the first part of the re-capitilisation plan - was complete. New shares have been issued to bondholders resulting in £1bn increase in equity (replacing debt).
This week the Save Our Bank campaign put our supporters' demands to the Co-op Group Chief Executive. We're keeping the pressure on to ensure the Bank's ethics stay strong, and are shown to stay strong. Here's our latest update on where we stand.
This latest newsletter includes results from the survey asking what Save Our Bank supporters think about the campaign priorities.
Late Friday 29th the Co-operative Group announced that a large majority of retail
The Guardian reports this morning (28 November) that the Nationwide £500m share issue has been oversubscribed - raising the full £500m in just four days. This raises hopes that a mutual buy-back of Co-op Bank is feasible.
Andrew Bibby writes in Guardian Social Enterprise section.
Crunch time at the bank - help spread the word
A useful overview of new investigations and inquiries into The Co-operative Bank and their legal framework.
Robert Peston reveals that the Financial Services Authority told The Co-operative Group as early as April 2012 that the bank had too little capital to be allowed to go through with the purchase of over 600 branches from Lloyds.
"So why did the FSA allow the Co-op Bank continue to chunter down the track towards this proposed massive expansion?
Vultures are circling around The Co-operative Group, looking for whatever they might be able to pick up for a bargain price. The Co-operative Funeralcare could be next, says this Reuters article. These funds are motivated purely by profit, but if we join together we can put pressure on them to keep the bank ethical, and eventually return it to ownership by its customers.