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Co-operative Bank snapped up by vultures
Nick Matthews on what the future might hold for the supposedly ‘ethical bank’

May 9 2013 will stay long in the memory for many co-operators. 

It was the day of reckoning for the Co-operative Bank. It was the day the great unravelling began, the day credit ratings agency Moody’s downgraded the bank’s debt rating to “junk” status. 

It said that the bank was vulnerable to potential losses and warned that it may need “external support” if it could not strengthen its balance sheet.

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