Antsy Posted October 10, 2008 Posted October 10, 2008 My wife's business has quite a lot of money in the co-op (well, smile), I have just discovered. They've been too busy to spread it about, so I want to give her the facts to kick her up the bum and make her move it. Anyone got any idea how exposed the 'Co' is? Not that anywhere looks that great nowadays. I think she might just ahve to put her faith in Ernie... Quote
The Knimbies who say No Posted October 10, 2008 Posted October 10, 2008 (edited) My wife's business has quite a lot of money in the co-op (well, smile), I have just discovered. They've been too busy to spread it about, so I want to give her the facts to kick her up the bum and make her move it. Anyone got any idea how exposed the 'Co' is? Not that anywhere looks that great nowadays. I think she might just ahve to put her faith in Ernie... Well, can't say beyond: 1) make sure you don't have more than 50k limit anywhere 2) Co-op has been an enthusiastic Labour donor over the years, and one thing Broon is good at is looking after his mates, so not cause for undue stress. I should do a bit of looking as my account is also with smile... If I turn up anything interesting I'll let ya know.. Edited October 10, 2008 by cheeznbreed Quote
hilltop Posted October 10, 2008 Posted October 10, 2008 The Co-op, with whom I do not have an account, is an old bank and has not been involved in takeovers, mergers etc. Of course, spread the risk, but the Co-op probably has better asset cover than any other. Quote
garybug Posted October 10, 2008 Posted October 10, 2008 One of their board was on Sky News (I think...) recently, and was being interviewed because they have very low exposure apparently. The chap did look quite smug with himself. Quote
bobthe~ Posted October 10, 2008 Posted October 10, 2008 One of their board was on Sky News (I think...) recently, and was being interviewed because they have very low exposure apparently. The chap did look quite smug with himself. That's what NR, A&L and B&B said as well. Did he use the phrase "We are well capitalised", but without a comma after "well"? I think they may be safer than most, but what does that mean these days. They are a UK bank and probably won't be allowed to fail. Quote
Robot Piston Posted October 10, 2008 Posted October 10, 2008 You can rest assured, with the Co-op your money will be lost in the most ethical and ecologically sound way. Quote
The Knimbies who say No Posted October 10, 2008 Posted October 10, 2008 You can rest assured, with the Co-op your money will be lost in the most ethical and ecologically sound way. recycled for toilet paper, probably. Quote
pablopatito Posted October 10, 2008 Posted October 10, 2008 Well, I just put 20k into a 1 year bond yesterday, so I hope they'll be ok. I've got about 10k of ISAs with them as well. Quote
housestag Posted October 10, 2008 Posted October 10, 2008 http://www.cfs.co.uk/servlet/Satellite?c=P...&currmth=10 08/10/08 - Statement - Funding Position The Co-operative Bank today welcomes the Government’s announcement of the financial measures to be introduced to support banks and building societies in the UK. The Co-operative Bank reiterates it has a very strong funding and capital position, remaining fully funded by customer deposits and unlike other providers, we are not therefore reliant on the wholesale markets for funding. Prior to the Government announcement The Co-operative Bank had already taken steps as a precaution, to put in place access to additional funding mechanisms by creating a Covered Bond programme and by creating the option to access to the Governments SLS (Special Liquidity Scheme). We are currently working closely with the FSA to clarify the details of the newly announced Government financial support to the banking industry. As soon as the details are clarified, the Bank will consider whether it would wish to participate in the scheme, but only as a prudent contingency measure to ensure access to additional capital or funding in the event of unforeseen events in the current very volatile market. The Co-operative Bank has no need for additional liquidity either now or in the foreseeable future. Ends Quote
adrian777uk Posted October 10, 2008 Posted October 10, 2008 The thing about the co-op is it's not a publicly listed company like other banks - it only has one shareholder (the co-operative group) so it can't be attacked and brought down by the markets in the same way that HBOS was for instance. I myself have way over the 50k limit in a one year bond with them, and did start to get a bit jittery these last few weeks, but to be honest I'm not worried enough to break the bond. Also the co-operative have little exposure to sub-prime - maybe a by-product of their ethical investment strategy or just conservative investment banking. You'll have noticed they've hardly ever been in the news, there's no panic about them, and I think that says something about how little market concern there is about them. It's probably to their advantage that they keep their head down. Quote
mcneilee Posted October 11, 2008 Posted October 11, 2008 They are alot more conservative than the retail banks. Do they not have a large funeral business. So they will have probebly made alot of money. With all the old people dying last & this winter due to high fuel costs. Quote
Son of Limahl Posted October 13, 2008 Posted October 13, 2008 A merger with Britannia before too long perhaps....... Son of Limahl Quote
Antsy Posted October 14, 2008 Author Posted October 14, 2008 A merger with Britannia before too long perhaps.......Son of Limahl ooh - a psychic amongst us... what do you reckon to the implications? If they're so conservative then why buy up all that BTL exposure? Quote
Son of Limahl Posted October 14, 2008 Posted October 14, 2008 ooh - a psychic amongst us... what do you reckon to the implications? If they're so conservative then why buy up all that BTL exposure? ooh - a psychic amongst us... what do you reckon to the implications? If they're so conservative then why buy up all that BTL exposure? Not psychic - I'm just mindful of certain emergent trends and have a passing interest in the "wiring under the boards", so to speak. For instance, take a look at their Board, and you'll notice strong links with Barclays and our current government. A well-capitalised building society might prove useful in difficult times. Just a thought... Britannia Building Soicety Non Executive Directors http://www.britannia.co.uk/home/society/th..._directors.html Bill Gordon, FCIB - Deputy Chairman and senior independent director Amongst other things, Bill is former chief executive of UK banking services at Barclays and former chairman of Barclays Pension Fund Trustees Limited. Keith Cameron Amongst other things, Keith is the independent director of Barclays Bank Pension Fund Tom Sawyer Amongst other things, Tom is a member of the board of Key Homes and was general secretary of the Labour Party for four years, having previously been deputy general secretary of Unison. Bridget Rosewell, MA, MPhil Amongst other things, Bridget is consultant chief economist to the Greater London Authority and also an advisor on monetary policy to the parliamentary Treasury Select Committee. All the best Son of Limahl Quote
Picardy Boy Posted October 14, 2008 Posted October 14, 2008 Co-op Bank safe? What with pratically every constituency Labour party and nearly all Labour MP's having their accounts there. You bet it's safe. Quote
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