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Co-op bank's 'bail in' rescue plan to plug £1.5bn hole

A deal to rescue the Co-operative Bank has been reached - without the need for taxpayers money.

It will plug a £1.5bn gap in its finances through a "bail in" by converting loans into shares.

As part of the agreement, the bank will be listed on the stock exchange.

The bank said the plan means both investors and the Co-operative Group would make "a joint contribution" to the bank's recapitalisation.

Hugh Pym reports.

  • 17 Jun 2013
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