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Co-operative bank - downgraded to Junk

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Comments

  • antrobus
    antrobus Posts: 17,386 Forumite
    Thrugelmir wrote: »
    Bad lending decisions in commercial property lending. Resulting in far higher losses. Precisely why banks are being required to raise capital adequacy levels of the next umpteen years. If banks are unable to meet the rising bar then they are in trouble.

    Combined with the failure of the Finacle IT project - £150 million quid down the drain. :)
  • antrobus
    antrobus Posts: 17,386 Forumite
    TruckerT wrote: »
    Yes, but why was it such a surprise?

    TruckerT

    'Cos the Co-Op bank managed to keep it all a secret until Lloyds Bank were doing their due diligence.:)
  • TruckerT
    TruckerT Posts: 1,714 Forumite
    antrobus wrote: »
    'Cos the Co-Op bank managed to keep it all a secret until Lloyds Bank were doing their due diligence.:)

    So what other secrets are being successfully kept by all the other Banks?

    TruckerT
    According to Clapton, I am a totally ignorant idiot.
  • antrobus
    antrobus Posts: 17,386 Forumite
    TruckerT wrote: »
    So what other secrets are being successfully kept by all the other Banks?

    TruckerT

    None, so far as I'm aware. That I think is the point. Lloyds bought HBOS and were brutally honest about the carp they found and immediately wrote off billions. The Co-Op however, appear to have bought Britannia and then just hoped everything would turn out all right.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    TruckerT wrote: »
    Yes, but why was it such a surprise?

    Did BP expect the problem with Deepwater Horizon ?

    A large business deals with all sorts of issues on a daily issue. Every once in a while issues occur concurrently and there's no where to hide. Co-Op will have been managing this situation for a long term. Obviously taken a turn for the worse.

    When Lloyds merged with HBOS in 2008. It became the 4th largest property developer in the UK. Due to the stakes it was holding in Companies following the conversion of debt owed into equity. The world is far from normal. There are many aspects of the credit crisis that have yet to be resolved.
  • TruckerT
    TruckerT Posts: 1,714 Forumite
    edited 31 May 2013 at 3:56PM
    antrobus wrote: »
    None, so far as I'm aware. That I think is the point.

    That is precisely the point!

    TruckerT
    According to Clapton, I am a totally ignorant idiot.
  • TruckerT
    TruckerT Posts: 1,714 Forumite
    Thrugelmir wrote: »
    Did BP expect the problem with Deepwater Horizon ?

    A large business deals with all sorts of issues on a daily issue. Every once in a while issues occur concurrently and there's no where to hide. Co-Op will have been managing this situation for a long term. Obviously taken a turn for the worse.

    When Lloyds merged with HBOS in 2008. It became the 4th largest property developer in the UK. Due to the stakes it was holding in Companies following the conversion of debt owed into equity. The world is far from normal. There are many aspects of the credit crisis that have yet to be resolved.

    C'mon - u know better than that!

    Deepwater?

    The banks seem to float above us all....

    TruckerT
    According to Clapton, I am a totally ignorant idiot.
  • antrobus
    antrobus Posts: 17,386 Forumite
    TruckerT wrote: »
    C'mon - u know better than that!

    Deepwater?

    The banks seem to float above us all....

    TruckerT

    There's always a conspiracy, isn't there.:rotfl:
  • TruckerT
    TruckerT Posts: 1,714 Forumite
    antrobus wrote: »
    There's always a conspiracy, isn't there.:rotfl:

    Conspiracy theorists usually ignore the facts!

    TruckerT
    According to Clapton, I am a totally ignorant idiot.
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