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Tories urge Kirklees Council to ditch Co-op bank

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Contingency plans are being put in place to move council money away from the Co-op bank.

The Co-op has unveiled a radical restructuring of its banking arm in a bid to fill a £1.5bn hole on its balance sheet.

The changes mean the bank could no longer be suited to council needs.
And Conservative leader Coun Robert Light has urged the council to leave the Co-op after the banking crisis five years ago.
Kirklees Council is still owed £505,000 from the Icelandic bank crash in 2008.
He said: “No action is being taken and that is where the problem lies. We are still hanging in there when it is quite clear to everyone that pulling out of the bank is the best option. The lack of leadership will cost us.”
But Kirklees Council and Labour party leader Mehboob Khan insists plans are in place should the council decide to move.
He said: “Since we have been aware of the changes, we empty the account from the Co-op everyday.
“We do not try and leave any money in the Co-op.
“We have a contingency plan in place and there will not be another banking crisis because the government will not allow a high street bank to bail.”

 

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