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Co Operative Bank Released the Results Delayed Again

9-Apr-14
Co Operative Bank Released the Results Delayed Again

The Co-operative Bank was thrown into fresh turmoil on Monday, as it delayed the publication of its 2013 financial results, and its new owners pay agreement, the second time.
These figures have been postponed from March 26 after the bank shocked the market last month by acknowledging that it needs further cash injection of £ 400 million on top of the £ 1.5 billion at the end of last year.

As a result it was first postponed, the bank's new boss, Neil Booker said he intends to “on or before “figures published on April 8, but this rapidly approaching deadline has been proven to be too challenging.

In a brief statement, the bank said there will be no later than Friday in its annual report and accounts. It gave the delay as it is to enable it to implement its accounts of any other explanation.
Bank - now only 30% of supermarkets, parlors and pharmacies cooperatives owned by the Group - has admitted that its losses could reach 1.3 billion pounds in 2013. However, the annual report will be published to provide Yue Buke, who was hired, £ 1.5 billion funding shortfall is responsible for overseeing the bank details and information at the time of last May found remuneration.

The veteran banker, who has cut 1,000 jobs from the bank, is a key player in the assembly of Euan Sutherland before he resigned last month, the Co-operative Group chief executive officer of the team. Sutherland out £ 6.6 m observing his two-year wage agreement was leaked, and the details of his team in the reserved group package.

When asked if he and his team at the bank who have similar reservations package Sutherland, Booker postponed his reaction, until released annual report.
The question is sent to the bank group, which is, of course, there are reports of at least £ 2 billion loss next week and try to win drawn up by Lord Myners overhaul the way it operates supported the proposal.

That is 78% of the control power in the group of seven regional councils met the weekend to express their concerns to representatives from the London Business School, who is helping Myners - on the blackboard the only non -executive directors - to create a meeting room and more like a public company.

Members of the regional council is considered to be considering writing to the Chairman of the group , Ursula Lidbetter, to express their views on the reform , which will be put to the vote concerns in the summer . It is unclear if they will be placed at the Annual General Meeting to vote on May 17, but participants are able to table the resolution.

Regional Committee meeting will be arranged, when Sir Christopher Kelly said he will present the results of his review of what went wrong before it becomes a bank to meet again. Prior Myners will announce his ideas more comprehensive version. This idea has been considered before another annual meeting held in Manchester and London, members of the meeting to discuss the Myners principles.