This is a speech Ed Miliband made on “stewardship” banking last year… at the Co-op.
This is a speech by George Osborne hailing 2013 as the year we changed British banks, including the planned sale of Lloyds branches to… the Co-op.
It’s a bit of an odd one this. So here’s a straight story to start:
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UK building societies are close to finalising details of a new investment instrument that would allow them to comply with tough new EU capital requirements without compromising their mutual status. Talks on the creation of “mutual ordinary deferred shares”, or Mods, are nearing conclusion, say industry executives. Mods, like bonds, would have a capped coupon but be loss-bearing for regulatory purposes.