The regulator hired to investigate the near-collapse of Co-op Bank will be paid £1,500 a day plus expenses, it has emerged.
Mark Zelmer, a former Bank of Canada boss, will probe what led to the Co-op Bank flirting with failure in 2013 when it uncovered a £1.5bn accounting black hole. The lender limped on before eventually being rescued by US hedge funds last year.
The investigator’s pay package was confirmed by the Bank of England today. If he works a normal five-day working week, he stands to earn almost £33,000 a month. He has been given up to a year to complete the investigation, meaning he could be paid around £400,000.
Just look at that paycheque there! That would beat teaching political economy one day a week, wouldn’t it?
But then there would be a certain problem with Ritchie getting the job. He’s the one who complained loudly about the regulator insisting that people who know nothing about banking shouldn’t, perhaps, be running the Co Op Bank, isn’t he? Even, that having unqualified incompetents in charge was an essential part of the democratic revolution necessary in the economy.