1. National

Co-op unveils £1.5bn rescue deal

The Co-operative Group has unveiled a deal with regulators to plug a £1.5 billion shortfall in the balance sheet of its banking arm.

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  1. Laura Kuenssberg

Investors hit by Co-op deal not taxpayers or customers

The Co-op has released details of £1.5bn deal to plug hole over two years. Investors who lent them cash, not customers will take the hit.

The key thing about this first 'bail-in' for a high street bank, is the deal with the new regulator - PRA - doesn't affect the taxpayer or the customer.

If you hear 'subordinated junior bond holder' again and again today, that's the investors who lent to Co-op, whose cash will be swapped for shares.

But some of those Co-op investors may be very badly affected, could potentially be pensioners losing life savings.

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