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Frequently asked questions


What does the recent announcement regarding the Co-operative Bank mean for customers?

The most important message is that there is no change to customers who have a mortgage with us, have their current account with us or who hold savings products with The Co-operative Bank, Britannia or smile. Examples of these products include:

  • Instant Access / Select Access Saver / Passbook Savings Accounts
  • Co-operative Bank & smile Fixed Term Deposits and Britannia Fixed Rate Bonds
  • Current Accounts and Linked Savings Accounts
  • Britannia Capital Bonds and Co-operative Bank Stock Market Bonds
  • Cash ISA's - fixed rate, select access or instant access

We have been working closely with all of our stakeholders, including the prudential banking regulator, and we have agreed a plan to meet the current and long-term capital requirements for the bank. We believe this plan strengthens the bank for the benefit of our customers, members and all of our stakeholders, and confirms our continuing commitment to serving individuals and small business customers.

The Co-operative Bank has a strong future as a responsible, community bank with an ethical heritage, focused on its Retail and SME customers.

Which bonds are affected by this announcement?

Owners of capital securities consist of the following groups:

  • 9.25% Non-Cumulative Irredeemable Preference Shares
  • 13% Perpetual Subordinated Bonds
  • 5.5555% Perpetual Subordinated Bonds
  • Floating Rate Callable Step-up Dated Subordinated Notes due 2016
  • 5.875% Subordinated Callable Notes due 2019
  • 9.25% Subordinated Notes due 28 April 2021
  • Fixed/Floating Rate Subordinated Notes due November 2021
  • 7.875% Subordinated Notes due 19 December 2022
  • 5.75% Dated Callable Step-up Subordinated Notes due 2024 and
  • 5.875% Subordinated Notes due 2033

If you have one of these products and would like more information please contact your financial advisor. If you would like to speak to someone at The Co-operative Bank please contact 0800 731 2310 or email investors@cfs.coop