CO-OPERATIVE BANK NAME

That this House notes that assorted hedge funds now own 70 per cent of the Co-operative Bank; deeply regrets the lack of oversight and executive competence which has led to the current situation; expresses sympathy for the loyal staff who are going to be made redundant through no fault of their own; views with disgust the executives who presided over the ill-judged and disastrous merger with Britannia Building Society but still left with very large pay-offs and pension pots; believes that now that the Co-operative Bank is no longer a mutual organisation owned by its members, but instead owned by vulture funds and hedge funds, it can no longer be called a 'co-operative'; and calls on the city regulator and the Secretary of State for Business, Innovation and Skills to force the bank to change its name because its description is misleading.