Troubled Co-op Bank delays publishing its finances again

Tim Wallace
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THE CO-OP Bank needs more time to piece together its financial results, the lender said yesterday, as it studies the detail of its latest capital hole.

New boss Niall Booker had already pushed the publication of the results back to 8 April, but yesterday had to move it back again to 11 April.

Last month the Co-op Bank revealed a £400m black hole in its capital position.

The gap came on top of the £1.5bn hole identified last year, which was filled by debt investors who took majority ownership of the lender.

As a result the Co-operative Group was left with 30 per cent of the equity in the bank.

Now investors have to decide if they want to put more money into the bank to bail it out once more.

The financial results will also include the details of Booker’s pay deal at the top of the bank.

And the figures will show the scale of the Co-op Bank’s losses, which are expected to come in at around £1.3bn.

The bank’s name has been dragged through the mud over the past year with revelations about bad loans on its books as well as a sex and drugs scandal surrounding its ex-chairman Reverend Paul Flowers.