Britannia loans 'behind Co-op woes'

A top City regulator has insisted the Britannia Building Society's risky loan book was and is a "key factor" in the Co-operative Bank's mounting woes.

Andrew Bailey, chief executive of the Prudential Regulation Authority, wrote to MPs to say a big part of a £1.5 billion black hole in the Co-op's balance sheet stems from the former building society's risky assets.
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