BANK OF ENGLAND RESOLUTION TO STOP VULTURES ASSET STRIPPING
Bank of England Resolution to Stop Vultures Asset Stripping
by Sean Boyle of the Economics Working Group
Co-op Bank Policy Proposal
Previously both the Co-op Group board and Co-op Banking board are to be congratulated for their ethical and responsible action in ensuring that the Co-op’s leading brand insurance and asset management businesses were only sold to a mutually owned financial institution namely, Royal London and thus establishing this vital precedent for any further sale of Co-op Banking Group assets that may be or become necessary.
However the Co-op Banking Group board are NOT currently making any commitment to protect the mutual status of the Co-op Banking Group’s remaining assets but instead are now clearly acting in the best interests of the Hedge “Vulture” Funds, which are in the process of a hostile take-over in order to asset strip.
The only way the Co-op members can understand what is actually going on in the bank they still own is through explicit, official written statements with complete clarity, transparency, honesty and openness being officially published.
The continuous gap between what is spun by the Co-op boards and/or the hedge funds in the media and at Co-op member meetings compared with what is actually written in official Co-op Bank documents such as the carefully worded recapitalisation plan is the most damning aspect. The need for total transparency is both in the Co-op’s core principles and essential to responsibly managing a bank.
Co-op members and others say time and again that Co-op members need to take more responsibility for the Co-op Banking Group. However the reporting of vital Co-op Banking information, facts and figures to Co-op members lacks clarity, transparency, honesty and openness.
The stark truth appears to be that Co-op members, customers and supporters are only able to stop the hedge “vulture” funds from asset stripping the Co-op Banking Group through the UK government’s official Bank of England resolution process
The Co-op Group board, the Co-op Banking Group board; hedge “vulture” funds; retail investors; investment banks; and/or any other predators as well as the Bank of England’s Special Resolution Unit and the UK government should all TRUST that the Occupy movement together with other groups shall campaign vigorously and recommend that all Co-op Bank account holders, including customers from the “Smile” online bank, switch their Co-op Bank accounts to a mutually owned UK bank such as the Nationwide if any attempt at selling Co-op Bank assets to a non-mutual and/or non-UK organisation is made and/or any form of asset stripping is attempted and/or any non-mutual and/or non-UK organisations own any equity in the Co-op Bank Group whatsoever.
Therefore the time has finally run out for the Co-op Group and Co-op Banking Group boards and the time has come for the Bank of England to send in their “Special Resolution Unit” to responsibly take control of the Co-op Banking Group.
WE ARE THE 99%