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| Co-op Bank to face inquiry, says PM David Cameron | Co-op Bank to face inquiry, says PM David Cameron |
| (35 minutes later) | |
| An inquiry is to be launched into how Paul Flowers was deemed suitable to be the chairman the Co-op Bank, the BBC understands. | |
| The inquiry is also expected to examine whether the bank's recent leadership crisis has had any financial impact on its customers. | The inquiry is also expected to examine whether the bank's recent leadership crisis has had any financial impact on its customers. |
| Its exact terms of reference and the name of its chair are likely to be formally announced in coming days. | Its exact terms of reference and the name of its chair are likely to be formally announced in coming days. |
| Mr Flowers, 63, apologised after he was filmed allegedly buying drugs. | Mr Flowers, 63, apologised after he was filmed allegedly buying drugs. |
| He had stepped down as chairman of Co-op Bank and as deputy chairman of Co-op Group in June. | He had stepped down as chairman of Co-op Bank and as deputy chairman of Co-op Group in June. |
| It has also emerged that he was found to have had "inappropriate" adult images on his computer in 2011 while he was a Labour councillor in Bradford. | It has also emerged that he was found to have had "inappropriate" adult images on his computer in 2011 while he was a Labour councillor in Bradford. |
| 'Alarm bells' | 'Alarm bells' |
| West Yorkshire Police officers searched Mr Flowers' Bradford home on Tuesday. | |
| The force is investigating allegations that Mr Flowers, a Methodist minister, bought and used illegal drugs, including cocaine. | |
| The former Bradford councillor, who has been suspended from both his church and the Labour Party, said he had been "wrong" and "stupid". | |
| Earlier in the Commons, Prime Minister David Cameron said Labour knew about his "past" before the drugs and porn claims emerged. | Earlier in the Commons, Prime Minister David Cameron said Labour knew about his "past" before the drugs and porn claims emerged. |
| Mr Cameron had been asked by Tory MP Steve Brine at PM's questions about the "nightmare unfolding" at the bank and the "sense of disbelief" that Mr Flowers was appointed to his role in the first place. | Mr Cameron had been asked by Tory MP Steve Brine at PM's questions about the "nightmare unfolding" at the bank and the "sense of disbelief" that Mr Flowers was appointed to his role in the first place. |
| Mr Cameron said the government's first priority was to safeguard the Co-op Bank and ensure its customers and bondholders were protected, but the prime minister went on to question Mr Flowers' suitability for the role and his links with Labour. | Mr Cameron said the government's first priority was to safeguard the Co-op Bank and ensure its customers and bondholders were protected, but the prime minister went on to question Mr Flowers' suitability for the role and his links with Labour. |
| "Why was Reverend Flowers judged suitable to be chairman of a bank? Why weren't alarm bells rung earlier, particularly by those who knew?" he said. | "Why was Reverend Flowers judged suitable to be chairman of a bank? Why weren't alarm bells rung earlier, particularly by those who knew?" he said. |
| But opposition leader Ed Miliband questioned the Conservatives' own ethics, claiming they took money from tax exiles. | But opposition leader Ed Miliband questioned the Conservatives' own ethics, claiming they took money from tax exiles. |
| Mr Miliband hit back with a series of jibes about the people David Cameron "associated with". | Mr Miliband hit back with a series of jibes about the people David Cameron "associated with". |
| 'Loser' | |
| He accused the Conservatives of taking £5m from a City firm found whose traders were subsequently rigged interest rates, had "taken millions" from tax exiles and had not returned donations made in he 1990s by Asil Nadir, subsequently convicted in 2012 of fraud. | He accused the Conservatives of taking £5m from a City firm found whose traders were subsequently rigged interest rates, had "taken millions" from tax exiles and had not returned donations made in he 1990s by Asil Nadir, subsequently convicted in 2012 of fraud. |
| Mr Miliband quoted an ally of Mr Cameron, Planning Minister Nick Boles, who recently argued that potential Conservative voters "don't trust our motives" and said: "The single biggest problem facing the Conservative Party is being seen as the party of the rich." | |
| Mr Boles was "really saying [that] this prime minister is a loser", the Labour leader concluded. | |
| Since Mr Flowers resigned as its chair, the Methodist preacher and adviser to Mr Miliband on business has been filmed appearing to try to buy cocaine - allegations currently being investigated by the police. | Since Mr Flowers resigned as its chair, the Methodist preacher and adviser to Mr Miliband on business has been filmed appearing to try to buy cocaine - allegations currently being investigated by the police. |
| Earlier the PM in the Commons had indicated only that the chancellor would be "discussing with the regulator what is the appropriate form of inquiry" without making definitively clear whether one would be held. | Earlier the PM in the Commons had indicated only that the chancellor would be "discussing with the regulator what is the appropriate form of inquiry" without making definitively clear whether one would be held. |
| The Co-op Group, a major donor to Labour, is investigating the leadership of its bank subsidiary prior to its near-collapse earlier this year. | The Co-op Group, a major donor to Labour, is investigating the leadership of its bank subsidiary prior to its near-collapse earlier this year. |