"The Co-Op Bank's former CEO, Neville Richardson, gave evidence to the Treasury Select Committee on the circumstances surrounding the failure of the Verde deal. In the course of that evidence, he made the following claims about the Co-Op Bank's finances:
- the Britannia building society, which the Co-Op took over in 2009 (and of which he was previously the CEO) was not the primary source of the toxic assets that have blown a large hole in the Co-Op Bank's capital;
- When he left the Co-Op Bank in mid-2011 it was profitable, well-managed and there were no signs of credit problems in its asset base.
You can find the results of my analysis, and the conclusions I draw, here.