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Crisis-torn Co-op Bank suffers cash breakdown

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Troubled Co-Operative Bank suffered a breakdown in some of its cash machine services on Sunday as executives wrestled with rescue plans to ease a financial crisis.

 

Customers took to Twitter in search of explanations from the bank after failing to complete transactions. The bank apologised and said only a small number of customers had been affected. It is understood the problem was confined to customers with basic accounts representing 15pc of the 1.5m current account holders. Around 1pc of them were unable to use cash or point of sale services. The interruption was an unwanted embarrassment as the bank attempted to reassure regulators and investors that it would have a rescue plan in place this month to cover an estimated £1bn-£1.8bn capital shortfall.

 

But there are fears that thousands of pensioners and key investors could suffer a considerable loss of income from a rescue programme that could hit bondholders and involve the bank’s recapitalisation. Further asset disposals are under review. The bank has already announced the sale of its life insurance business and the parent Co-op Group may be asked to sanction the disposal of other assets that range from funeral parlours to farmland.

 

More: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10094888/Crisis-torn-Co-op-Bank-suffers-cash-breakdown.html


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