UK Bank in Trouble?

A few weeks ago the Co-operative Bank got it's debt rating downgraded
to junk and in the uk after it made a loss of £674 million.
It was in the news for a little while with the usual talking heads in the media
telling the public to carry on there was nothing to see here.

If you want to read about it click here

But today this poped up in reuters.

(Reuters) - The Co-operative Bank has stopped offering loans to new business customers, part of measures designed to quell growing concerns over its capital position. A spokesman for Britain's biggest customer-owned financial services business said it would continue to provide lending to existing customers. The freeze does not apply to individual retail customers.

"We are not offering new loans to new corporate customers but are continuing to provide facilities for existing customers," he said. Credit ratings agency Moody's downgraded Co-op Bank's debt ratings earlier in May and warned it could need taxpayers' money to plug a capital shortfall which some analysts have said could be as high as 1.8 billion pounds.

REUTERS

I was talking to a friend who works for co-op and she said that the dividend payment been
cut so has anyone got anymore info on this?

Yes it doesn't look very good at the moment.

This piece gives a overview of the problems faced by the bank.

I actually have an account with them with a few thousand sitting in it. I'm wondering why I havn't moved it yet.

It's a real shame because in my mind the Co-Op bank was better than the rest. Dunno why, just felt like it.

Originally posted by bigyin
Yes it doesn't look very good at the moment.

This piece gives a overview of the problems faced by the bank.

I actually have an account with them with a few thousand sitting in it. I'm wondering why I havn't moved it yet.

It's a real shame because in my mind the Co-Op bank was better than the rest. Dunno why, just felt like it.

If you feel they are better than the rest then help them by keeping your money there...it is protected after all by the government of the UK unless over 100 k

PDUK

reply to post by bigyin


better get that money out asap....and I wouldn't count on the government insurance when the crap really starts hitting the fan.