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Co-op Bank executive pay 'mind-boggling'

The Co-op Bank's executive pay is "mind-boggling", Peter Hunt, chief executive of think tank Mutuo, has said.

The bank's chief executive Niall Booker will receive a £2.9m pay package, which includes a basic salary of £1.2m and up to £1.7m in performance related bonuses. Though the bank said it would not pay out £5m to former executives who left the bank after its near collapse last year.

Labour Co-operative peer John McFall told the Today programme that the Co-operative Group should continue to "put money" into the bank, despite the fact that it made a loss of £1.3bn for 2013.

The Co-op Group currently has a 30% stake in the bank.

First broadcast on BBC Radio 4's Today programme on Friday 11 April.

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