Project Verde - Treasury Contents


Timeline


May 2008David Anderson, Chief Executive of Co-op Bank, initiates merger discussions with Neville Richardson, Chief Executive of Britannia.
August 2008Co-op Bank and Britannia boards commence merger due diligence.
January 2009Co-op Bank and Britannia sign a merger agreement.
August 2009Merger between Co-op Bank and Britannia completed. Neville Richardson becomes Chief Executive of Co-op Bank.
April 2010Paul Flowers appointed Chairman of Co-op Bank. Rodney Baker-Bates and David Davies appointed Deputy Chairmen.
June 2010Government announces that the Financial Services Authority (FSA) will be disbanded and replaced with the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
March 2011António Horta-Osório, Chief Executive of Lloyds Banking Group (LBG) announces an acceleration of the process to divest the Verde branches.
April 2011Andrew Bailey joins the FSA as Director of UK Banks and Building Societies.
May 2011Neville Richardson tells Andrew Bailey that Co-op Bank is considering a bid for Verde.
July 2011Andrew Bailey addresses Co-op Bank's strategy awayday.
July 2011Neville Richardson resigns as Chief Executive of Co-op Bank. Barry Tootell becomes acting Chief Executive.
July 2011Initial bids for Verde are submitted.
September - November 2011Round 2 bids for Verde are submitted.
November 2011LBG decides to progress with Verde bids from NBNK and Co-op Bank only.
December 2011LBG announces Co-op Bank as its preferred bidder for Verde branches. It commences a period of exclusive negotiation.
December 2011Andrew Bailey writes to Paul Flowers expressing concerns over Co-op Bank's ability to take on Verde.
April 2012Co-op Bank's period of exclusive Verde negotiations with LBG lapses. NBNK re-enters the bidding process.
June 2012Co-op Bank and NBNK submit final bids for the Verde branches.
June 2012Lloyds confirms Co-op Bank as its preferred bidder for Verde.
July 2012Rodney Baker-Bates and David Davies vote against Verde at Co-op Bank's board meeting. The rest of the board votes in favour. Co-op Bank and LBG sign 'Heads of Terms'.
Second half of 2012FSA performs its stress testing exercise, revealing that Co-op Bank has a capital shortfall.
November 2012FSA informs Co-op Bank that its capital guidance will increase significantly.
January 2013FSA gives Co-op Bank an indication of the size of its capital shortfall.
March 2013Co-op Bank reports losses of £674 million in its Financial Statements 2012.
April 2013FSA formally disbanded. The PRA and the FCA come into operation.
April 2013Co-op Bank announces its withdrawal from the Verde transaction.
May 2013Moody's downgrades Co-op Bank's debt rating to junk status.
May 2013Peter Marks, Co-op Group Chief Executive, retires. Euan Sutherland becomes new Group Chief Executive.
May 2013Barry Tootell steps down as Chief Executive of Co-op Bank.
June 2013Paul Flowers steps down as Chairman of Co-op Bank.
June 2013The Treasury Committee announces its inquiry into Project Verde.
June 2013PRA publicly announces the results of its stress testing exercise, revealing a capital shortfall for Co-op Bank of £1.5bn.
July 2013Sir Christopher Kelly appointed by Co-op Bank and Group to conduct an independent inquiry into Co-op Bank's capital shortfall.
September 2013Treasury Committee hearing with Neville Richardson.
October 2013Treasury Committee hearing with Peter Marks.
October 2013Treasury Committee hearing with Barry Tootell.
November 2013Treasury Committee hearing with Paul Flowers.
November 2013Treasury Committee hearing with David Anderson.
November 2013Len Wardle steps down as Chairman of Co-op Group
November 2013Treasury announces independent review into events at Co-op Bank. PRA and FCA announce that they are considering whether to launch enforcement action.
December 2013Co-op Bank successfully completes £1.5 billion recapitalisation.
December 2013Lord Myners commissioned by Co-op to conduct an independent review of the Group's governance.
January 2014The PRA and FCA announce enforcement investigations in relation to Co-op Bank.
January 2014The Financial Reporting Council launches an investigation into the preparation, approval and audit of Co-op Bank's financial statements.
March 2014Co-op Bank announces further conduct redress losses of over £400 million.
April 2014Sir Christopher Kelly publishes independent report into Co-op Bank's capital shortfall.
May 2014Lord Myners publishes independent review of Co-op Group's governance.
May 2014Co-op Bank completes additional capital raising of £400 million.



 
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Prepared 23 October 2014