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.