The Co-operative Bank has posted an annual loss of £610m, more than double the previous year as misconduct costs rose and the lender continued to shrink.
Losses ballooned last year compared with a statutory pre-tax loss of £264.2m in 2014 as income dropped after the sale of riskier assets in an attempt to return the bank to health.
The bank took a hit from conduct charges, which increased over the year by £92.5m to £193.7m after it was forced to set aside further provisions for payment protection insurance mis-selling.
The Co-operative Bank was pulled from the brink of collapse in 2013 after a £1.5bn capital black hole was uncovered.
To argue, as the authorities belatedly did, that people who had the first clue about banking should be involved in the management of a bank is just neoliberal sophistry.