Co-op bank allays exposure concerns

22 July 2011

Co-op bank allays exposure concerns
The Co-operative Bank has endeavoured to ease fears regarding its exposure to the sovereign debt crisis in the eurozone.

A full list of its lending has been published by the institution to banks and governments across the region, showing that the lender has no holdings of debt on countries such as Portugal and Greece.

The Co-operative Bank described itself as a "low-risk" institution with strong mutual principles, as its only eurozone sovereign debt holding is €3 million ($4.33 million) in Swedish government bonds.

Banks in France and Spain make up the highest amount of exposure for the lender, with €943 million in lending outstanding to financial institutions to the former alone.

Lending to Spain, meanwhile, remains outstanding at €562 million.

The Co-operative Bank forms part of the Co-operative Financial Services - along with the Co-operative Insurance Society - which, in turn, helps to make up the Co-operative Group.

By Tony Aynsley
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