March 6, 2018 / 10:06 AM / 16 days ago

UK regulator welcomes review into supervision of Co-op Bank

LONDON, March 6 (Reuters) - Britain’s Prudential Regulation Authority (PRA), part of the Bank of England, said it welcomed the government’s decision on Tuesday to launch an independent review into the supervision of Co-operative Bank between 2008 and 2013.

The bank nearly collapsed in 2013 after losses from real estate loans and it received a further capital injection in 2014 as it faced IT and governance problems.

“The PRA supports HM Treasury’s decision to launch an independent review of the prudential supervision of the Co-operative Bank over a disruptive period for the firm,” the PRA said in a statement.

The review will look at the policies and actions of the former Financial Services Authority regulator, and the PRA, one of its successors, in dealing with the Co-op Bank. (Reporting by Andy Bruce Editing by William Schomberg)

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