Category Archives: Uncategorized

On Saturday 17th May 2014, Delegates at the Co-op Group General meeting consider a resolution on the reform of the Group’s governance. That is part of the process of considering Paul Myners’ recommendations on governance and the Kelly Report on the great Co-op … Continue reading

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I posted this on the Co-operative Members Group FB page on 09.05.14: On two tier boards, this is a complex issue and there are no simple or easy answers. Subject to detailed legislative requirements that certain particular matters have to … Continue reading

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It was interesting to see Sarah Butler in the Guardian comparing the fortunes of the Co-op Group and The John Lewis Partnership last weekend. Clearly, the decisions of the last Group management to try to buy market share for the Group via … Continue reading

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The FCA are looking for one senior associate and two associates for this work. No existing knowledge of Co-op or Bencom Law required and salary near the bottom end of the scales mentioned (so I’m told). Still £30k plus for … Continue reading

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On a lighter note than usual here recently, here is a Photo of the Study Group on European Co-operative Law Group (SGECOL) members currently working on the Principles of European Co-operative Law (PECOL) Project. We are pictured with Jose Luiz Monson … Continue reading

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Yesterday, the Progress-Update-of-the-Independent-Governance-Review from the Myners Review was published. It answers many of the issues I raised yesterday about what was reported to have been agreed in principle by the Group Board earlier this week. The Myners Interim Report is a carefully thought … Continue reading

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The Quick Questions I’ve been very busy lately and wasn’t able to submit anything to Myners by his deadline. Below are my questions on what seem to be the broad lines allegedly agreed by the current board in their panic … Continue reading

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These emails, supplied to the Parliamentary Select Committee looking at the issues around the Co-op Bank’s attempt to buy the Lloyds Branches give interesting food for thought. They give a perspective on the deficiencies of the Boards of both the … Continue reading

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I just had this correspondence with Robin Brownsell of Bank to the Future – a crowd funding site. I found information about Robin and his site in the excellent book “The Heretic’s Guide to Global Finance” by Brett Scott @suitpossum … Continue reading

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This is the presentation I prepared for the Group on Members’ Capital at the CBC Conference on the Co-op Bank Crisis on 17th January . It seemed a bit long and technical on the day so I didn’t use it … Continue reading

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With Dave Hollings permission, I reproduce this exchange I had with him about minority member protection in industrial and provident societies: On 13 January 2014 14:31, Dave Hollings wrote: I have a client which is registered as a co-op with multiple … Continue reading

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Don’t miss this important event at  Central Hall, Oldham Street, Manchester M1 1JQ. A wide range of co-operative activists and commentators will be discussing the lessons of the roller coaster highs and lows of 2013. It’s open, free of PR and … Continue reading

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On Friday, phase 1 of the deal to rescue and demutualise the Co-op Bank was finalised. It was supported at all necessary meetings of classes of creditor and shareholder and approved by the Court. Effective majority control of the Bank has now … Continue reading

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On Friday, the first stage of the recapitalisation plan for the Co-op Bank got massive support from the retail investors most at risk of not meeting the special majorities needed to get the  plan approved. “The Co-operative Group and The … Continue reading

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Hedge Fund Cock Up? More news on the Co-op bank Recapitalisation Scheme today. This morning’s Times carried this enigmatic piece on page 56: “Co-operative Bank: Hedge funds planning to take control of the lender have been left with a potentially … Continue reading

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Friday this week 29th November 2013 is the first key date in the long and complex process of saving the Bank from insolvency proceedings by recapitalising and demutualising it. The others are 11th December 2013 , the day of the Class … Continue reading

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All our heads are spinning. Never before has the UK Co-op been the lead story in so many news bulletins for so long. It has not been a good experience. New investigations and inquiries seem to be proliferating. Here, I’ll … Continue reading

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Mervyn Wilson writes: “Next Thursday Tony Webster will be delivering our monthly evening lecture BUILDING CO-OPERATION – FROM CWS TO CO-OPERATIVE GROUP: 150 YEARS OF A CO-OPERATIVE GIANT The lecture will start at 6.30 and this date has been chosen … Continue reading

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Rumour has it that formal announcements to the markets and bondholders about the future of the bank will be made on Monday 4th November. In the meantime Ethical Consumer has launched a campaign on the basis of “staying ethical: returning … Continue reading

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Now that I’m back from Brussels it’s time to have a closer look at the use of the word “Co-operative” in the name of a bank 70% owned by Stock Market investors and 30% by the Co-operative Group. I argue … Continue reading

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It certainly was a sad day when I learned that the Co-operative Bank is to become a majority investor owned company in the hands of vulture funds when the full deal is announced on Monday 28th October.  Although that was … Continue reading

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Thanks to Software.coop, which I refer to as my IT department (sorry folks ; ) ), for an analysis of recent changes to the Code and comparisons with Linux. Keep up the good work on all fronts.

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I’ve not been keeping my eye on this ball very closely and now need to do some updating. The Co-op Group plans to redeem £200 million of its Eurobonds next month as, it seems, part of the run up to the new … Continue reading

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Next month, the Co-op Bank and Co-op Group will announce details of the rescue plan announced back in June 2013 . Essentially the idea is to increase the Bank’s capital by extra Co-op Group investment in bank shares and a “haircut” … Continue reading

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I have just sent HM Treasury this extra response to detailed questions they raised about applying the administration procedure to IPS’s. The main issues concerned credit unions and other societies (if any) operating as deposit takers. I argue that only shareholder depositors … Continue reading

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