BAIL-IN OF WESTERN BANKING SYSTEM OFFICIALLY BEGINS AS UK’S CO-OPERATIVE BANK TO BAIL-IN £1.5BN WITH 100% LOSSES!
SilverDoctors.com
JUNE 20, 2013
In the wake of the Cyprus Popular Bank’s depositor bail-in, we alerted SD readers on April 2nd to the fact that bail-ins were coming to the US and UK, as The Fed and BOE had quietly created a resolution authority for unlimited bail-ins for TBTF banks.
Less than 3 months later, the bail-in of the western banking system has officially begun, as the UK’s Co-Operative Bank is seeking a £1.5bn bail-in recapitalization with junior bond holders and investors (including pension funds) facing a complete-100% wipe-out on £370m of permanent interest bearing shares (PIBS) issued by the Co-op.
The Rest…HERE
