Fears confirmed, glimpses of hope
Campaign update 6 November 2013
The announcements by The Co-operative Group about the outcome of its negotiations with bond holders on Monday 4th confirmed what many expected: a minority 30% stake in the bank for the Co-operative Group and a pledge to include ethical values in the constitution.
News to us at SaveOurBank.coop was that no other investor has more than 10%. Euan Sutherland also surprised many by volunteering on the Today programme that the Group might one day regain majority control of the bank. Individual bondholders - many of whom are pensioners relying on their bonds for income - also welcomed a new settlement that maintains income levels near their original levels.
Some glimpses of hope there. A sign that the return to co-operative control is not dismissed as impractical by management, and some evidence that organised groups like the small bondholders can have influence. We customer supporters of SaveOurBank.coop are in our thousands now and if we stick together, we too can have influence. Indeed, we already have.
From left field comes the announcement from Ed Mayo, general secretary of Co-operatives UK, that they may call on the bank to drop the word 'co-operative'. This undermines the claim by the Co-operative Group that they will use the threat of withdrawing the name - a decision that would be made by an independent body - as a way to keep the new management to the ethical principles.
SaveOur Bank continues to grow fast with unprecedented sign-ups on Monday. Please help by getting friends, colleagues and family to sign up. Please tweet, like and post on social media.
And if you haven't signed up to SaveOurBank.coop yet then please click here.
Plus, we need to know what you think the next steps should be. Please complete our survey here if yo haven't already done so.