as bosses consider axing Britannia BS coupons

Thousands of pensioners and investors face losing around £3million a year under rescue plans being drawn up for crisis-hit lender the Co-operative Bank, it was reported today. The Co-operative Group is considering slashing or axing income paid to junior debt-holders as part of an emergency plan to plug a mammoth hole in its bank's balance sheet, according to The Sunday Telegraph. This would include investors in so-called permanent interest bearing shares (PIBS), which were issued by Britannia Building Society before it was taken over by the Co-op, as well as around £60million of preference shares......Read more:

AAD News: Co-op Bank to close 37 branches and lose Britannia name - allaboutFORUMS