Banking arm gives Co-op £559m loss

co-operative bank

The Co-operative Group today plunged to £559 million first-half losses as heavy bad debts in its banking arm wiped out profits from its supermarkets.

The group said there will be "no quick fixes" as it embarks on a four-year turnaround plan, after reporting pre-tax losses of £709.4 million in the Co-operative Bank in the six months to the end of June.
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City regulator the Prudential Regulation Authority (PRA) said the scale of the losses did not alter its demand that the Co-op must plug a £1.5 billion hole in its balance sheet.

© 2013 Press Association
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