Closure of accounts for Palestinian support groups
Over recent weeks we have been contacted by supporters complaining that organisations working to support Palestinians are having their accounts closed by the Co-op Bank. We took this up with the bank as details continued to emerge.
The bank sent us the following statement concerning the closure of the some accounts for organisations supporting Palestine, including the Palestine Solidarity Campaign.
When Save Our Bank was set up the Co-operative Bank was in crisis. A rescue bid left the bank in mostly private hands - just 20% stayed with the former owners, The Co-operative Group. Soon there were the revelations about Paul Flowers that added to the sense of crisis.
Many customers decided that they no longer believed in the bank. They didn't trust it to stick to its principles. They wanted a co-operative bank, owned by its customers rather than hedge funds. And they left in large numbers.
Here is the text of an open letter from the Save Our Bank campaign to the Co-operative Bank.
CEO, Co-operative Bank
PO Box 101
1 Balloon Street
Manchester, M60 4EP
Open letter from the Save our Bank Campaign
Please reconsider your decision on banking services for Palestine support organisations
Dear Mr Booker,
It has come to our attention that the Co-operative Bank has closed a number of accounts of Palestine solidarity organisations in the UK.
The wait is over… we are excited to be launching the crowdfunding campaign to set up the Customer Union for Co-op Bank customers today!
We’ve been preparing for this moment for a while, so hopefully you know what this is all about and are itching to get involved already. (If so, go ahead and check out the crowdfunder page here.)
The Co-operative Bank
P.O. Box 101
1 Balloon Street,
15 May 2015
To the Co-operative Bank
An open letter to the Co-operative Bank on executive pay
Hundreds of your customers have contacted you on the subject of the Chief Executive Niall Booker’s pay packet. News sources report that Booker’s pay could amount to £4.97m this year if targets are "exceeded".
To place this in the context of the pay packages of other bank chief executives in the UK:
The Co-op Bank’s consultation on its ethics is fast approaching. Save Our Bank supporters want to see bank use the upcoming ethics consultation as an opportunity to show it recognises the need to build trust, and to strengthen rather than weaken its commitment to ethics. Here are our five messages to the bank on what we would like to see in this consultation:
The Save Our Bank campaign is calling on the Co-op Bank's Chief Executive not to accept the £1.7m bonus he has been promised if the bank's position improves. “The bank needs to take a lead and show that it is different from other banks,” said Shaun Fensom from the Save Our Bank campaign. “It can start by rejecting excessive pay deals.”