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CO-OPERATIVE BANK NAME

EDM (Early Day Motion) 690: tabled on 06 November 2013

Tabled in the 2013-14 session.

This motion has been signed by 4 Members. It has not yet had any amendments submitted.

As this motion is using historical data, we may not have the record of the original ordering, in which case signatories are listed alphabetically.

Motion text

That this House notes that assorted hedge funds now own 70 per cent of the Co-operative Bank; deeply regrets the lack of oversight and executive competence which has led to the current situation; expresses sympathy for the loyal staff who are going to be made redundant through no fault of their own; views with disgust the executives who presided over the ill-judged and disastrous merger with Britannia Building Society but still left with very large pay-offs and pension pots; believes that now that the Co-operative Bank is no longer a mutual organisation owned by its members, but instead owned by vulture funds and hedge funds, it can no longer be called a 'co-operative'; and calls on the city regulator and the Secretary of State for Business, Innovation and Skills to force the bank to change its name because its description is misleading.

The first 6 Members who have signed to support the motion are the sponsors. The primary sponsor is generally the person who tabled the motion and has responsibility for it. The date shown is when the Member signed the motion.

There are no withdrawn signatures for this motion.