Former Co-op boss called in front of MPs October 17, 2013 THE FORMER chief executive of The Co-operative Group has been called in front of the Treasury Select Committee to explain the firm’s botched attempt to buy 600 branches from Lloyds Banking Group. Peter Marks will answer questions from the committee, chaired by Tory MP Andrew Tyrie, next Tuesday morning. The committee launched an enquiry into the [...]
Co-op Bank cuts directors ahead of market float October 9, 2013 FOUR Co-operative Bank directors were taken off the board yesterday as the lender shook up its management structure ahead of its stock market debut. The move saw directors from the Co-op Group turfed out in an effort to create a more independent team monitoring executives’ activities. As a result there are now two executive directors [...]
Against the Grain: Who will guard the guards? Put the regulators on trial for reckless behaviour October 8, 2013 THE TREASURY’S amendments to the Banking Reform Bill mean that senior bankers could face up to seven years in jail for “reckless misconduct” which leads to the collapse of a bank. Certainly, the behaviour of prominent individuals in the run up to the crisis left much to be desired. If only we could have put [...]
Co-op bidder advised by ex-head of Northern Rock October 3, 2013 As first reported by Sky News' City editor Mark Kleinman, a private equity firm that is being advised by the former boss of Northern Rock, Adam Applegarth, is among the bidders for Co-op's blighted insurance arm. The bank was left with a £1.5bn hole in its finances following the Prudential Regulation Authority's ruling that it must [...]
Higher capital demands for banks under new stress test says BoE October 1, 2013 The Bank of England has released the record of a Financial Policy Committee Meeting which discloses plans for British banks to hold more capital than foreign competitors. Annual stress tests are set to start next year, with Barclays, HSBC, Lloyds, Co-op, Standard Chartered and RBS all being tested. The Bank stresses its "key overarching priority would [...]
Watchdog: bad loans to blame for Co-op woes September 22, 2013 BAD LOANS from the Britannia Building Society are responsible for most of the Co-op Bank’s loan losses in the past year, and could get worse in future, a top Bank of England official insisted in a letter released today. Andrew Bailey, the head of the Prudential Regulation Authority, was hitting back at claims by the [...]
Private equity firms consider bidding for TSB September 22, 2013 LLOYDS has reportedly received a number of approaches from private equity firms looking to buy its TSB business, which was split from the state-backed bank earlier this month. US-headquartered firm JC Flowers is among the interested parties, according to the Sunday Telegraph. New York-based AnaCap is also believed to have expressed an interest. The approaches [...]
Review: Splinter Cell Blacklist September 18, 2013 The latest installment in the long-running franchise reminds Steve Dinneen of his lost youth GAME Xbox 360, PS3, Wii U, PC Four stars WHEN I was a student I didn’t just play Splinter Cell; I made an art form of it. My flatmate and I completed the entire game in co-op mode without being spotted [...]
Big investors want more shares from Co-op Bank rescue plan September 16, 2013 THE CO-OP Bank could be turned around more rapidly if bondholders were converted en masse into shareholders, according to a letter published yesterday by group of institutional bondholders. A group led by boutique investment bank Moelis and holding 43 per cent of the bank’s lower tier two bonds is pushing for a greater amount of [...]
Co-operative Bank investors attack plans for bail-in deal September 15, 2013 BONDHOLDERS in the Co-op Bank have accused the troubled lender of over-stating its losses in an effort to force them to take part in the planned recapitalisation. The Co-op Group is planning to put £1bn into the bank and for investors to inject another £500m in a bid to plug a black hole in the [...]