This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-33999141

The article has changed 4 times. There is an RSS feed of changes available.

Version 1 Version 2
Co-operative Bank losses widen to £204m Co-operative Bank losses widen to £204m
(35 minutes later)
The troubled Co-operative Bank has reported bigger losses, in part due to higher legal costs.The troubled Co-operative Bank has reported bigger losses, in part due to higher legal costs.
Pre-tax losses for the first six months of the year were £204.2m, compared with losses of £77m a year earlier. The figure was slightly better than expected.Pre-tax losses for the first six months of the year were £204.2m, compared with losses of £77m a year earlier. The figure was slightly better than expected.
It included losses of £38.2m on sales of assets needed to reduce the bank's overall levels of debt.It included losses of £38.2m on sales of assets needed to reduce the bank's overall levels of debt.
The bank said it was now in better shape to withstand economic stresses.The bank said it was now in better shape to withstand economic stresses.
Black hole
The Co-op Bank was owned by the Co-operative Group, but in 2013 it contributed £2.1bn of losses of £2.3bn - the largest in the Co-operative Group's 150 year history.The Co-op Bank was owned by the Co-operative Group, but in 2013 it contributed £2.1bn of losses of £2.3bn - the largest in the Co-operative Group's 150 year history.
It was rescued by investors, including US hedge funds, after a £1.5bn black hole was discovered in its accounts and the Co-op now owns just a third of the bank. It then had to be rescued by investors, including US hedge funds, after a £1.5bn black hole was discovered in its accounts. The Co-op now owns just a third of the bank.
The black hole has been linked to losses on commercial property loans, stemming from Co-op Bank's 2009 merger with the Britannia building society.The black hole has been linked to losses on commercial property loans, stemming from Co-op Bank's 2009 merger with the Britannia building society.
Chief executive Niall Booker, said: "Our work to improve resilience and reduce costs is on course. A number of top executives then left the bank, including former chairman Paul Flowers who left the bank following a drugs scandal.
"In addition, although the core bank remains work in progress, its performance is also beginning to improve as we increase efficiency, continue to re-invest in the brand and work with customers to offer competitive products that meet their needs." At the end of last year, the bank failed a Bank of England stress test, designed to test banks' ability to withstand another financial crisis.
And last week, a regulatory report criticised the bank for misleading investors. The bank escaped a fine, however, because the regulator said it needed all the money it has to strengthen its balance sheet.
While announcing the 2015 losses, the Co-op's current chief executive, Niall Booker, said the bank's work to "improve resilience and reduce costs" was "on course".