CO-OPERATIVE BANK TAKEOVER

That this House deplores the capture of the Co-operative Bank by rapacious US hedge funds; notes that the bank has mutural, ethical and collective principles which are at odds with the motives in this capitalist takeover; points out that the collapse of the Bank was caused by the catastrophic business judgements of the previous management; further notes that it is the workforce which is now paying for these disastrous errors; and calls on the Secretary of State for Business, Innovation and Skills to exercise his powers under section 76 of the Companies Act to require the bank's new board to outline a plan to return the Co-operative to more democratic control within a fixed timescale.