Co-op boss defends rescue plan

Press Association

The boss of the Co-operative has written to about two million members to reassure them over the mutual's future and defend a painful rescue of its banking arm.

Acknowledging investor fury over the "bail-in" of the Co-operative Bank - in which bondholders must help plug a £1.5 billion hole in its finances - new chief executive Euan Sutherland said the plan will avoid further damaging asset sales and is a better option than a taxpayer bailout.