We the undersigned recognise that the The Co-op Bank had to take steps to address new banking regulations but a plan is needed to make sure the Co-op Bank lives up to its name. We, as members of the Co-operative Group, shall not remain customers of the Co-op Bank unless a proposal is made to return the bank to 100% member ownership and control by the Co-operative Group within a realistic time frame.
Member ownership and control is why we choose to bank with the Co-op. As members of the Co-operative Group our ownership allows us to decide what sort of bank we wish the Co-op Bank to be and define how it operates, for example what sort of investments it makes and how it uses its profits. This is what differentiates the Co-op Bank from its competitors: we get to decide how investments and profits can be used to create a better and fairer world.
As members of the Co-operative Group we wish to defend the socially valuable principles of the co-operative movement which seeks to create a world fit for people and not just for profit.
The decision to raise funds to fill a shortfall (exacerbated by new banking regulations) by floating a proportion of the Co-op Bank on the stock market may be required in the short term. But if the Co-op Bank is to fulfil the principles of the co-operative movement, and to live up to its own name, then a plan must be drawn to return ownership to the member-owned Co-operative Group within a realistic time frame. If it is not, we shall have no choice but to invest our money elsewhere.