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Monthly Archives: September 2013
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
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
Hot off the press….a new Draft Statutory Instrument to implement the changes proposed in “Growth Through Co-operation” on IPS insolvency procedures. I’ve not had time to go through it yet. Any takers? Responses to ipsconsultation@hmtreasury.gsi.gov.uk by 20th September 2013 © Ian Snaith … Continue reading
My detailed personal submission on the HMT Consultation “Growth Through Co-operation” went in today. It’s about WSC holding limits, insolvency procedures for IPS’s and credit unions, inspections and investigations for societies, access to the register of members and electronic information filing. I … Continue reading