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Video: Independent probe into near collapse Co-op Bank

An independent investigation into the near collapse of the Co-operative Bank has been announced as its former chairman, Paul Flowers, was released on bail by police after questioning over drugs allegations. The 63-year-old Methodist minister, who was arrested in the Liverpool area last night, spent the day being questioned at a Leeds police station by officers "investigating allegations of drug supply offences". The probe into the Co-op announced by Chancellor George Osborne will cover "the appointment of senior staff" and examine events from at least 2008 - which could mean potential embarrassment for both Labour and the coalition Government over ministers' dealings with the bank.

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