Contributed by Peter King
Following a rating agency downgrade and recent management changes, on 17 June 2013 the Board of the Co-operative Bank announced a comprehensive recapitalisation plan. This was widely reported in the media as involving the first use by the Prudential Regulation Authority (the “PRA”), one of the two UK regulators for banks and other financial institutions, of its “bail-in” powers. The reality, however, is a little more complicated than has been portrayed in the media.
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