14 March 14 from www.reuters.com

Some people dismiss the Save Our Bank plan to raise money from ordinary members to buy back a co-operative majority stake in the bank. They say it's a nice idea but the sums of money involved are too high.

Credit Mutuel sees it differently. It is seeking to raise a staggering €3.9bn from members to reduce debt incurred from recent acquistions it has made.

This follows the share issue by Nationwide Building Society last year, which raised £500m in four days and was oversubscribed.

14 March 14

Save Our Bank and Unite the Union - Britians largest trade union - have teamed up to fight for ethics and fair pay at the Co-op Bank.

Read our 14 March Newsletter here

Read the joint press release here

12 March 14 from www.theguardian.com

Euan Sutherland, the chief executive of The Co-operative Group - which owns 30% of the Co-operative Bank - resigned on 11 March. His resignation was accepted. This follows the row about pay which started following revelations on 9 March.

This impacts on the bank not least because the two organisations are linked strongly in the public mind and often confused in the media. We know from many comments from supporters that the reputation of the Co-op Bank has suffered, even though the pay row was solely about the Group. The Co-op Bank chief executive Niall Booker remains in place.

09 March 14 from www.theguardian.com

News of a proposal to pay big salary increases and bonuses for senior staff at The Co-operative Group has dismayed Save Our Bank supporters.

It's important to note that the bank is now quite separate from the Group and only 30% owned by it. The story is about a report on pay, not yet agreed. But supporters will doubtless be keeping a careful eye on what happens to salaries at the bank.

For the moment however we urge customers to stick with the campaign. That is the best way to bring pressure on the bank.

 

04 March 14

Customers of The Co-operative Bank will have recieved the following message by email or by post over the last week. We at Save Our Bank are pleased to see the bank finally communicating with its customers directly about the difficulties it has gone through, and pleased to see the organisation's values and ethics given some prominence. However, the vague wording of an engagement "around what’s important to you going forward" is not enough to address our concerns that a weakening of the bank's Ethical Policy could be proposed. We urge you to write to the bank to share your concerns in advance of the consultation.

 

27 February 14

Do you know anyone with shares in The Co-op Bank?

08 February 14

Following the example email response from the bank to supporters who used the web feedback form, one of our supporters sent us the written response received after they sent a letter to the bank. It's longer although we're not sure how much more it says. It's interesting to see the reference to co-operative principles. We'd like something more concrete about the retention of a strong ethical policy however.

If you've received a response from the bank then please let us know.

06 February 14

The bank responds to your emails 

Thanks to all of you who wrote to The Co-op Bank after our last mail-out on the 15th January and sent messages of support over social networks. One of our supporters sent in the following response they received from the bank:
 

“Hello

We would like to assure our customers that we have enshrined co-operative values in the Bank's constitution through the articles of association and ethics will continue to underpin our business.

We remain committed to engaging with customers on our ethical Policy during 2014 and hope as many customers as possible will participate in our consultation including a vote open to customers in the spring.

16 January 14

Keep the bank’s Ethical Policy strong

Over the next few weeks The Co-operative Bank will be deciding how it plans to proceed with its Ethical Policy.

In adverts in November last year, the bank promised to listen to its customers and invite them to vote on the type of businesses they will and will not lend their money to. We are expecting an Ethical Policy consultation by way of a customer survey in Spring this year.

This could be a big victory for the Save Our Bank campaign if the consultation proposes keeping the Ethical Policy in place without major changes, and perhaps extending it into new areas, as it has in previous years.

22 December 13 from www.co-operative.coop

On 20 December the Co-operative Group and Co-operative Bank announced that the 'liability management exercise' - the first part of the re-capitilisation plan - was complete. New shares have been issued to bondholders resulting in £1bn increase in equity (replacing debt). This is as was expected and has looked certain since the 'retail bondholders' voted to accept the new plan towards the end of November.

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