The interim chief executive of the Co-operative said the group's losses arose principally from three causes.
Firstly, the continuing losses reported by the Bank as a result of the impairment of corporate loans, conduct issues and failed computer development projects.
Secondly, the write-off of our accumulated 115 year investment in the Bank following its emergency recapitalisation, in which we participated but in the process saw our shareholding fall from 100% to 30%.
And thirdly, a partial write-off of the goodwill created on the 2009 acquisition of the Somerfield food business following a strategic review of that business.
The final results for The Co-operative Group highlighted heavy losses that reflected:
- Significant losses at The Co-operative Bank (“the Bank”)
- Loss on reduction in Group’s shareholding in the Bank
- Impairment of goodwill which arose on the Somerfield acquisition
- Reduced sales in Food, impacted by disposal programme designed to focus business on its core convenience store chain
- Increased central corporate costs
More top news
The memorial service will be attended by Prince Harry and Meghan Markle.
David Browning admits manslaughter by diminished responsibility but denies murder.
Four people have died and the suspect is still at large, police said.