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Co-operative Bank to speed up toxic loans sell off after failing Bank of England stress tests

first_img Tags: Bank of England The Co-operative Group More From Our Partners Fort Bragg soldier accused of killing another servicewoman over exthegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org Share whatsapp whatsapp Tuesday 16 December 2014 8:58 pm center_img The Co-operative Bank was the only lender to fail the Bank of England’s stress tests yesterday. As a result, it is accelerating its plan to sell off or run down a £6.6bn book of bad loans from the pre-crash era.Eight high street institutions’ finances were tested to see how they would cope with a hypothetical apocalyptic economic crash, in which house prices dive 35 per cent and unemployment soars to 12 per cent.This means it was intensely focused on the UK-focused banks, rather than those with global operations.Despite fears over the health of RBS and Lloyds in such a scenario, both banks scraped through. And when the authorities added in the cost-cutting measures the banks would implement, both passed comfortably.“The results show that the core of the banking system is significantly more resilient, that it has the strength to continue to serve the real economy even in a severe stress, and that the growing confidence in the system is merited,” said Bank of England governor Mark Carney. Lenders had to show the prudential regulation authority (PRA) that they would still have a core capital ratio of above 4.5 per cent in the scenario.HSBC and Standard Chartered performed best – the banks have big overseas operations, and recorded capital buffers of above eight per cent each.Barclays, Santander and Nationwide maintained ratios of 7.5 per cent, 7.9 per cent and 6.7 per cent respectively. Lloyds’ ratio fell to 5.3 per cent and RBS’ to 5.2 per cent. Lloyds is safe from being ordered to do more as it is now building capital through profits, while RBS has already announced plans to issue bonds to raise funds.But the Co-op more than used up its buffers in the test, falling to a ratio of minus 2.6 per cent. After nearly collapsing 18 months ago, it has already got a recovery plan in place.But regulators ordered it to accelerate that plan yesterday, and the Co-op has hired Bank of America Merrill Lynch to help it sell off and run down its £6.6bn book of bad mortgage loans, inherited from the Britannia Building Society. Co-operative Bank to speed up toxic loans sell off after failing Bank of England stress tests Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeHero WarsThis game will keep you up all night!Hero WarsMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekTele Health DaveRemember Pierce Brosnan’s Wife? Take A Deep Breath Before You See What She Looks Like NowTele Health DaveMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailThe No Cost Solar ProgramGet Paid To Install Solar + Tesla Battery For No Cost At Install and Save Thousands.The No Cost Solar ProgramUltimate Pet Nutrition Nutra Thrive SupplementIf Your Dog Eats Grass (Do This Every Day)Ultimate Pet Nutrition Nutra Thrive SupplementNational Penny For Seniors7 Discounts Seniors Only Get If They AskNational Penny For SeniorsElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStory Express KCS last_img read more