If only the Co Op had had a banker in charge

Co-op Bank has agreed to pump millions into the pension scheme of the Britannia Building Society.

The struggling lender will hand the group’s pension trustees £50 million over the next seven years, as well as placing a £137 million portfolio of top-rated mortgages or debt into a custodian account with another bank as security for the scheme.

The pension scheme became the responsibility of the Co-op Bank after its disastrous merger in 2009 with the building society and marks the latest financial hit as a result.

Instead of those non-bankers that Ritchie defended so vociferously.

7 comments on “If only the Co Op had had a banker in charge

  1. Most of the banking failures were among Building Societies that wanted to play with the Big Boys. Very few of the old banks failed. At least until Brown pushed a couple over the edge.

    The Co-op is a good example of people being too clever by half. They should have been more modest about how very modest their intellects were.

  2. BobR, are you assuming that QE will ever be reversed? I think that govts around the world are now addicted to artificially cheap money and many institutions are holding artificially expensive government debt. The crash if anyone tries to unwind it will be a great shock and awe moment

  3. The incompetent former chairman of the Co-op Bank was also a Methodist minister. From his drug habit, some people dubbed him ” the crystal Methodist”. It was briefly reported recently that the Methodist Church had just dispensed with his services.

  4. The evidence from the smart bankers who resigned from the Coop bank board makes fantastic, if horrifying, reading. The executive team didn’t have a clue and the board of the great and good didn’t back up the businessmen who asked exactly the right questions but didn’t get good answers.

  5. BobRocket agreed. The cluster**** that is US Social Security, growing poverty for the elderly living off their savings, that’s what happens with low/negative interest rates.

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