Co-op faces ‘material uncertainty’ over MREL
The Co-operative Bank has said that its future could be in ‘significant doubt’ if it fails to make headway on plans to raise £550m ($719.46m) for its minimum requirements for own funds and eligible liabilities (MREL) by 2022. The UK lender is hoping to get going in the second half of this year.
MREL dominated the discussion around Co-op Bank’s second quarter results on Thursday.
The bank has to meet a MREL target equal to its total capital requirements plus £200m by the end of 2021.To make up its remaining shortfall it estimates that it will need to raise ...