Belfast Telegraph

'Sea of red' fears over results of Co-op bank

By Nick Goodway

Troubled Co-operative Bank's half-year results this Thursday will be "a sea of red", senior bankers have warned.

The bank flagged that there will be big writedowns when it announced its £1.5bn capital-raising plans in June to fill the huge hole in its balance sheet.

Most of those charges will relate to large commercial and property loans made by the Britannia Building Society, which merged with Co-op Bank in 2009.

There will also be hefty costs for the failed attempt to buy 632 branches from Lloyds Banking Group.

Belfast Telegraph

Weekly Business Digest Newsletter

This week's business news headlines, directly to your inbox every Tuesday.