The Prudential Regulation Authority (PRA) anticipated the likely scale and source of these losses when it made its assessment of the bank’s capital position in June. Consequently, the announcement today does not affect the PRA’s assessment that the Co-operative Bank has a capital shortfall of £1.5bn relative to the 7% core equity capital after adjustments. The PRA will continue to monitor the actions taken by the Co-operative Bank as part of its plan to meet that capital shortfall. It will hold the Co-operative Bank to its plans, and if they fall short of what is required, it will ask for additional action.
Published on
29 August 2013
Press release