Charting The Crisis At The Co-op
Updated: 11:05am UK, Tuesday 11 March 2014
The Co-operative grew from a small shop in Lancashire in the 19th century to a worldwide movement but the future of the modern day Group began to be threatened by a crisis in its banking arm.
:: April 24 2013 - The planned sale by Lloyds of more than 600 branches to the Co-op falls through.
:: May 10 - Co-op Bank rules out Government support after a warning from ratings agency Moody's that it might need taxpayers' money to plug a capital shortfall, which prompts its chief executive Peter Marks to resign. The bank's troubles mainly relate to bad commercial property loans, many acquired through takeover of Britannia Building Society in 2009.
:: June 5 - Co-op Bank appoints veteran banker Richard Pym as chairman to lead the lender's restructuring, replacing the Reverend Paul Flowers.
:: June 17 - Co-op Group unveils plan to force bondholders to help plug a £1.5bn capital hole at Co-op Bank, under which the group will retain a majority stake in the bank while bondholders will end up with at least a quarter of the bank's shares.
:: Oct 21 - Co-op bows to bondholder demands and agrees to hand them control of the bank in order to seal a rescue. The Group is left with a 30% stake.
:: Nov 6 - Reverend Flowers is questioned by Treasury Select Committee on the Lloyds deal and makes mistakes about Co-op Bank's finances. At one point he says it held £3bn of assets when the true figure was £47bn.
:: Nov 17 - Mail on Sunday says Reverend Flowers filmed allegedly arranging to buy cocaine.
:: Nov 20 - Prime Minister David Cameron promises inquiry into how Co-op Bank had been "driven into the wall" and asks why alarm bells had not rung earlier over alleged behaviour of Reverend Flowers.
:: Nov 22 - Police arrest Paul Flowers amid investigation into alleged supply of illegal drugs.
:: Dec 12 - Co-op Group appoints ex-Treasury minister Lord Paul Myners to review its operations for a token £1 salary.
:: Jan 6 2014 - UK financial regulators launch investigation into problems at Co-op Bank, which could lead to fines for the bank and its former directors.
:: Jan 7 - The Financial Conduct Authority (FCA) says it has no regrets about approving the Flowers appointment.
:: Feb 17 - Group chief executive Euan Sutherland launches a public poll on the Co-op's future direction.
:: Feb 26 - Co-op announces plan to sell 15 farms and its pharmacy business.
:: Mar 09 - Observer newspaper publishes leaked details of higher pay awards for Co-op bosses.
:: Mar 11 - Euan Sutherland tenders his resignation.
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