CO-OP Bank

#1
Am reading on another forum that a the Co-Op are refusing access to savings to move it to another account by phone. Told to attend in person and bring utility bill and passport..

BBC News - Moody's downgrades Co-op Bank's debt rating to 'junk'

Northern Rock Mark 2 or Credit Crunch 2..... History has a habit of repeating itself....


I caught the end of a conversation on Fivelive where they were talking about discovering some bad lending in Britannia (taken over by the Co-Op)- I assumed mortgages.

Don't any of these highly paid and lucratively pensioned bank CEOs ever check the books before they buy something.

If you went into the Co-Op wanting to buy a cafe they would go over the books of the cafe going back years - yet they seemingly do not do such a thing, allegedly, when they go and buy another bank/building society.
 
#2
But in a statement, the bank admitted there was a "need to strengthen our capital position in light of the broader economic downturn and the pending introduction of enhanced regulatory requirements".

English translation :- 'Oh God, we're in the clag'.

'The Co-op - good with food, rubbish with cash'
 

TheresaMay

ADC
Moderator
DirtyBAT
#7
I was always under the impression that the Co-op Bank couldn't suffer the same fate as Northern Rock, Lloyds TSB etc - as they were dividend owned / by the people etc - whatever that means?

I'm a little worried now, because I changed to their account purely on that basis :-/
 
#8
If you really ARE David Cameron, no wonder the country is in a mess. Doesn't matter who owns an organisation, if it runs out of wonga it's stuffed; equally if people THINK it's broke, then it WILL be stuffed. Theoretically, that would also apply to a bank like RBS which is effectively nationalised. I have some money in Nationwide, not because they are immune from disaster but because they don't have shareholders screaming for bigger dividends. Co-op will need more than a tweet to stop people emptying their accounts.
 

Mr_Fingerz

LE
Book Reviewer
#11
If you really ARE David Cameron, no wonder the country is in a mess. Doesn't matter who owns an organisation, if it runs out of wonga it's stuffed; equally if people THINK it's broke, then it WILL be stuffed. Theoretically, that would also apply to a bank like RBS which is effectively nationalised. I have some money in Nationwide, not because they are immune from disaster but because they don't have shareholders screaming for bigger dividends. Co-op will need more than a tweet to stop people emptying their accounts.
The Co-Op is a mutual, it doesn't have shareholders. However, it does indeed look as though it's in the brown and smelly.
 
#15
Excellent programme on the Beeb about the Libor scandal. Favourite moment for me was when Bob Diamond, the 'whizz kid CEO' of Barclays was up before the HoC Treasury Committee, after his fingers had been prized from his desk. He had a smart answer to every question but one. An MP (can't remember who) asked him 'Mr Diamond, do you know the three principles on which the Quaker founders of Barclays set up the business ?' Total silence, so the MP enlightened him. 'honesty. integrity and fair-dealing'. Watch the programme on i-player if you missed it, you will decide that your money is safer under the mattress than in the hands of these arrogant, greedy, incompetent criminals and the ineffective regulators and politicians who have the power to rein them in.
 
#16
Good with food? Are they ****. A totally mickey mouse outfit that I would gladly see go to the wall.
Our local co-op is awful, in a previous life it was a Somerfield, not to bad then. Lidl came in and took alot of it's business, then it became a co-op. Now i feel sorry for the staff who work there, they realise, but a job is a job these days. The big givaway is the car park. It doesn't which day or what time of the day, the car park always has lots of empty spaces. There are the 3 supermarkets in 100 yds, the third is Waitrose, they and Lidl deffinately have the bulk of the shoppers. Co-op dying on it's feet.
 

Travelgall

MIA
Kit Reviewer
#17
Oh Dear. T' Labour party will be sweating as the Co-Op lends them all the money they need whenever they are in debt. And because its the Labour party who manage their own budget the way they manage the country's they are in debt an awful lot. I think they're in the hole for £20 Million to the Co-Op. Funny if they had to call back their loans.
 

jarrod248

LE
Gallery Guru
#18
Oh Dear. T' Labour party will be sweating as the Co-Op lends them all the money they need whenever they are in debt. And because its the Labour party who manage their own budget the way they manage the country's they are in debt an awful lot. I think they're in the hole for £20 Million to the Co-Op. Funny if they had to call back their loans.
And t'unions who bank with Unity trust who they own.
 

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