Reuters: Regulatory News: BoE's Haldane says Co-op must take further action

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BoE's Haldane says Co-op must take further action Jun 12th 2013, 09:43 LONDON, June 12 | Wed Jun 12, 2013 5:43am EDT LONDON, June 12 (Reuters) - Britain's Co-operative Group needs to be made more resilent after the bank's surprise credit rating downgrade recently, a senior Bank of England official said on Wednesday. Andrew Haldane, BoE director of financial stability said Co-op's situation was "plainly difficult." He said a multi-notch downgrade to its credit rating to junk status by Moody's had come as a surprise to almost everyone but so far there had not been the sharp outlfow of liquidity that some might have feared. "But further needs to be done to put Co-op in a situation of resilience and sustainability," Haldane told parliament's Treasury Committee. Haldane was being quizzed by lawmakers on his reappointment to the BoE's Financial Policy Committee whose task is to spot wider risks in the financial system.

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