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geezer466
 Post subject: CO-OP Bank
PostPosted: Fri May 10, 2013 1:27 pm 
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If you haven't already make haste and get your funds out.......

http://www.bbc.co.uk/news/business-22477745

Quote:
Ratings agency Moody's has downgraded the Co-operative Bank's debt rating to "junk" status, citing fears that it is vulnerable to potential losses.

The agency warned that the bank may need "external support" if it could not strengthen its balance sheet.

The Co-op said it was "disappointed" by Moody's decision.

The news preceded the resignation of chief executive, Barry Tootell, following the bank's failure to buy 631 branches from Lloyds Banking Group.
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Kremmen
 Post subject: Re: CO-OP Bank
PostPosted: Sat May 11, 2013 7:18 am 
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Funnily enough the latest Which? magazine has turned bank statuses topsy turvy from previous listings.

Santander and Halifax were in the middle of the ratings, up from bottom, whilst the Coop and Barclays featured further down the bottom. The only 2 to remain at the top were First Direct and Nationwide.

Wonder if this is why the Coop pulled out of the LLoyds deal ?

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Lets be careful out there !
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geezer466
 Post subject: Re: CO-OP Bank
PostPosted: Sat May 11, 2013 10:11 am 
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They pulled out of the Lloyds deal because they never had the money to go through with it.

They thought they could raise capital in the markets based on their presence and loan book (assets) but it turns out a lot of that loan book did not stand up to scrutiny as it is toxic.
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