Co-Operative Bank to Boost its Overall Capital Provisions by around 100 Million Pounds
It was revealed by British lender Co-Operative Bank on Monday that it is looking forward to seek a boost in its overall capital provisions by around 100 million pounds. This will pave the path for the bank to meet revised expectations on redress payouts linked to the UK"s loan insurance miss-selling scandal.
The Co-op Bank said that despite the revised calculations on payment protection insurance costs, it has kept its previously announced additional Tier 1 equity requirement of 1.5 billion pounds unchanged.
As per reports, the bank has set aside 16 billion pounds to tackle the issue of the most expensive consumer scandal in British history. The polices were designed to help borrowers in case of sickness or unemployment, but they were instead sold to those who were not even eligible for them.
As per estimates of Co-op bank, its 2013 common equity Tier 1 ratio is likely to exceed minimum regulatory requirements of seven percent, but it is not likely to go beyond nine percent.
The Co-Op Bank's has recently appointed a new chairman Richard Pym, who runs a bailed-out banking division for the government. The bank has also announced the name of its new finance director, Richard Pennycook, for its troubled banking arm.
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