Co-op Bank announces losses of 1.3 billion

bellabooski

Just seen on BBC Business Breakfast that the Co-op bank had losses of £1.3 Billion for 2013.
I hope that the switchers still waiting for their £100 joining incentive will still get it.
My switch date was 28/2 and the 45day deadline for getting the £100 is up on Monday!
Oh well!

PeacefulWaters

I find it very strange that you link the losses to the likelihood of receiving your £100.

marathonic

PeacefulWaters wrote: »

I find it very strange that you link the losses to the likelihood of receiving your £100.

If they hadn't gave me my £100, their losses would have only been £1,299,999,900.

bellabooski

PeacefulWaters wrote: »

I find it very strange that you link the losses to the likelihood of receiving your £100.

maybe if you look at this thread https://forums.moneysavingexpert.com/discussion/4886098
you'll see I'm not alone in being 'very strange'

Archi_Bald

marathonic wrote: »

If they hadn't gave me my £100, their losses would have only been £1,299,999,900.

errrm no. Their losses would have been 1.3bn since these are the figures for the last financial year.

If they pay you your £100, they'll be £100 down already this financial year, lol. Or make that £200, if we add mine in. Though I think this is all noise level as long as they can afford to pay their CEO 2.9m plus perhaps a bonus in the future.

le_loup

bellabooski wrote: »

maybe if you look at this thread https://forums.moneysavingexpert.com/discussion/4886098
you'll see I'm not alone in being 'very strange'

If you've seen that thread AND contributed to it, why start this new thread?

pmduk

I wouldn't be surprised to find these figures have been magnified as much as possible by the new owners eg by maximising potential bad debts, to ensure much better figures next time

antrobus

bellabooski wrote: »

Just seen on BBC Business Breakfast that the Co-op bank had losses of £1.3 Billion for 2013....

So, the Prudential Regulation Authority was right; there is a £1.5 billion 'black hole' in the Co-Op balance sheet.

pmduk wrote: »

I wouldn't be surprised to find these figures have been magnified as much as possible by the new owners eg by maximising potential bad debts, to ensure much better figures next time

If the figures aren't 'better' 'next time', then there won't be a Co-Op bank to worry about any more.:)

bellabooski

le_loup wrote: »

If you've seen that thread AND contributed to it, why start this new thread?

Because that thread is about the Co-op incentive and more recently about new customers not receiving their £100 switching incentive.
I started this new thread as it was a different topic ie. the Co-op's 1.3 billion loss in 2013.
I quoted the other thread in order to point out to PeacefulWaters that I was not alone in my 'very strange' linking of the two scenarios.