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Bank claim: Lloyds raised concerns on Co-op finances

Lloyds Banking Group was aware that the financial position of the Co-Operative bank was unstable, said Lloyds chief executive Antonio Horta-Osario.

When questioned by MPs, Mr Horta-Osario said that he had shared these concerns with the then regulator, the Financial Services Authority, in 2012.

This was after a report to Lloyds from Co-Op bank revealed that it did not hold enough capital for the future.

At present, MPs are holding an inquiry as to why a deal to sell Lloyds branches to the Co-Op bank, titled Project Verde, fell through earlier this year.

Following the collapse of this agreement, Co-Op bank was downgraded by the credit agency Moody's to junk status as it raised doubts over whether the bank could afford the potential losses on its bad loans.

Co-Op bank has also been listed on the stock market in a bid to raise capital and avoid a public bail out, similar to that faced by Lloyds during the financial crisis.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801601201-ADNFCR

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