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Lloyds and RBS narrowly pass bank stress test

Lloyds Banking Group and Royal Bank of Scotland have narrowly passed a Bank of England test to see how lenders would cope with severe economic stress.

Lloyds Banking Group and Royal Bank of Scotland have narrowly passed a Bank of England stress test . Credit: PA Wire composite

The test, using the position of banks and building societies at the end of 2013, found both RBS and Lloyds would be susceptible to such a crisis.

However, improvements and changes to their plans this year meant only the Co-op was required to submit a new plan.

Co-operative Bank fails Bank of England stress test

The Co-operative Bank has been ordered to shore up its balance sheet by axing £5.5 billion in loans after it failed a Bank of England stress test.

The Co-operative Bank has failed a Bank of England stress test. Credit: PA Wire

The Bank found that a severe downturn with house prices plunging 35% would wipe out the Co-op's capital because of the effect on its risky commercial property and sub-prime home loans.

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Ex-JJB Sports CEO jailed for 'greedy' £1 million fraud

Former JJB Sports chief executive Christopher Ronnie Credit: PA

Former JJB Sports chief executive Christopher Ronnie has been jailed for four years today for gaining £1 million in a "very greedy fraud".

The 52-year-old, who was £11 million in debt to an Icelandic bank when he pocketed money from suppliers to the sportswear giant, used some of the money to buy property in Florida, the court heard.

The businessman, of Wilmslow, Cheshire, was convicted last month of fraud over three six-figure cash payments from suppliers to JJB when he was at the helm in 2007 and 2008.

Judge Nicholas Loraine-Smith told London's Southwark Crown Court: "This was a flagrant and disgraceful breach of your duty as a CEO of a public limited company."

Air traffic chief's pay may be affected by airspace chaos

Richard Deakin, chief executive of Nats, the company responsible for controlling British airspace, has admitted his pay is likely to be affected following the technical glitch that caused airspace chaos on Friday.

Richard Deakin Credit: ITV

He told the BBC's Radio 4 Today programme: "The pay arrangements in Nats and the performance-related pay is obviously linked into the service that we provide to customers.

"The incident that occured on Friday will obviously have an impact on that."

Labour MP Paul Flynn said Mr Deakin should be stripped of his bonus this year after it was revealed in The Sunday Times that he earns more than £1 million after receiving a 45% pay rise in the last 12 months.

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