Co-Op: No Govt help needed

The Co-op Bank has said "we haven’t sought nor do we need government support" after the rating agency Moody's suggested it may need "external support" to help it absorb future losses. Its chief executive has resigned.

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Co-Op bank has 'clear plan' to strengthen its position

The Co-operative bank has issued the following statement after its recent Moody's rating agency downgrade.

The bank's chief executive has announced his resignation.

We are disappointed by the ratings downgrade announced by Moody’s. We have a strong funding profile and high levels of liquidity, which are significantly above the regulatory requirements.

We do acknowledge, like the rest of our banking sector peers, the need to strengthen our capital position in light of the broader economic downturn and the pending introduction of enhanced regulatory requirements, and we have a clear plan to drive this forward throughout the coming months.

Our banking business is already characterised by excellent levels of customer service and advocacy, as recently highlighted in reports by YouGov and uSwitch.

Our primary current account base in recent years has enjoyed significant growth. The actions we will now take to strengthen our balance sheet and simplify our business model around a core relationship banking offer, will create a compelling co-operative banking business which is truly distinctive within the banking sector.

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