As one of the largest UK operations that was not in the hands of the city, the Coop was a failr easy target after the dodgy move of Britannia and its debts, now the rest of the Coop seems to be targeted for sale and acquisition by the City and hedge funds.  All of this means that is no longer a Coop, so shouldn't it be changing its name, or is there some way it can be brounght under the control of the mainland European Coops and back into public ownership?

Comments

We think it can be rescued - using crowd-funding, old-fashioned member capital and yes, possibly, some investment by European coops (who are wary at the moment). Some say member capital can't raise the sums required but Credit Mutuel is embarking on a drive to raise €3.9bn

Co-op bank customers and members are exceptional , we have stayed with the bank and must continue to do that to ensure a chance of rescuing the bank and returning it to mutuality.

Without the support of the majority of members it cannot survive.

Without a firm resolve to maintain an ethical policy, membership will rapidly diminish.

My predominant feeling is sadness - it is a betrayal of trust.

When i decided to transfer from Nat West decades ago, i was asked the reason.

"Integrity," i replied, "you don't have an ethical policy."

Individuals have been exposed as lacking in morals and/or judgment. However, providing the ethical dimension remains, then so will i. I imagine most members feel the same - the reason they joined up in the first place.

 

 

 

The most important aspect of ethics in business is safeguarding the interests of your stakeholders. The management of the Co-op Bank failed to protect the interests of its owners (the Co-op's members) and customers. They failed to conduct adequate due diligence over a number of transactions and lost so much money that the Co-op had to sell off a majority share.

The five principles that you set out are all very well, but they do not focus on the main business of the bank. Whilst I appluad these principles, the bank will serve the interests of its customers better if management concentrates on ensuring the bank is well run and provides us with decent service and a fair return on our savings.