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.

The Save Our Bank campaign believes that, this phase of the rescue plan being complete and with the leadership in the Co-operative Group less focused on mere survival, there is now an excellent opportunity to influence how the bank conducts itself under the new ownership arrangement. Read our statement here on our priorities following our first discussions with the Co-operative Group Chief Exec, Euan Sutherland.