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| Former Co-op Bank executives banned from senior financial roles | Former Co-op Bank executives banned from senior financial roles |
| (35 minutes later) | |
| The Bank of England has banned two former Co-operative Bank executives from holding senior banking positions. | The Bank of England has banned two former Co-operative Bank executives from holding senior banking positions. |
| The BoE's Prudential Regulation Authority said former chief executive Barry Tootell had been banned for "breaches" in the running of the bank. | The BoE's Prudential Regulation Authority said former chief executive Barry Tootell had been banned for "breaches" in the running of the bank. |
| Keith Alderson, a former managing director of the Co-op Bank's corporate and business banking division, was also hit with a ban. | Keith Alderson, a former managing director of the Co-op Bank's corporate and business banking division, was also hit with a ban. |
| The Co-op Bank came close to collapse in 2013. | The Co-op Bank came close to collapse in 2013. |
| In addition to the bans, the PRA fined Mr Tootell £173,802 and Mr Alderson was fined £88,890. | |
| The PRA said Mr Tootell "did not exercise due skill, care and diligence in carrying out his role as chief financial officer and later chief executive". | The PRA said Mr Tootell "did not exercise due skill, care and diligence in carrying out his role as chief financial officer and later chief executive". |
| PRA chief executive Andrew Bailey said: "This action makes clear that there are serious consequences for senior individuals who fall short of the PRA's expectations." | PRA chief executive Andrew Bailey said: "This action makes clear that there are serious consequences for senior individuals who fall short of the PRA's expectations." |
| Between July 2009 and May 2013 Mr Tootell "was centrally involved in a culture within the Co-op Bank which encouraged prioritising the short-term financial position of the firm at the cost of taking prudent and sustainable actions to secure the firm's longer-term capital position," the PRA added. | |
| Mr Alderson "did not take reasonable steps to ensure that Co-op Bank adequately assessed risk arising across the Britannia Corporate Loan Book". | |
| Co-operative Bank merged with the Britannia building society in 2009. The deal was later held responsible for the near collapse of the bank. | |
| In 2013, the bank revealed a £1.5bn black hole in its accounts. | |
| Co-op Bank chairman Paul Flowers also stepped down over concerns about expenses in 2013, before pleading guilty to drug possession in 2014. |