The Coop Bank has failed the Bank of England Stress test. Now that doesn’t mean we all need to run for cover, as residential customers are protected to the tune of tens of thousands of pounds in the event of a problem and it is highly unlikely that there will be a problem for the bank.

HOWEVER I raised a question about this on the 3rd December at a full Council meeting over my concerns that the newly formed Durham Housing Group  will have to use the CoOp. And for that matter that the council uses the CoOp for daily transactions.

I was told that concerns over the bank failing the test were not founded and a I shouldn’t be concerned because the Council only has money in the accounts of the CoOp during the day, and not overnight. Fingers crossed it doesn’t have a problem during the day then.