The Archbishop of Canterbury has admitted he is embarrassed by the revelations that the Church of England pension funds indirectly funded in online lender Wonga.
Asked by John Humphrys on BBC Radio 4 Today's programme whether he was embarrassed, he replied "yes."
Asked to place his embarrassment on a scale of one to 10, he said: "Eight."
The Archbishop of Canterbury has told Wonga that the Church of England wants to "compete it out of existence" by supporting credit unions.
The Church of England plans to expand credit unions as an alternative to payday lenders - but what are they?