Coop bank movement needs another €100m
- DATE: Nov 13, 2015
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- CATEGORY: FINANCE
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- AUTHOR: OPulse Admin
The cooperative banking movement on Thursday announced it requires some €100 million in taxpayers support to remain viable.
The announcement comes just two years after the state’s €1.5 billion cash injection and significant changes to the cooperative movement’s leadership.
A Cooperative Central Bank announcement said the funds were required to cover accumulated damage caused by non-performing loans (NPLs).
The announcement said its main shareholder, the state “intends to strengthen the capital base of the cooperative banking movement,” but did not state how much money would be involved.
A capital plan would be submitted to this end, the announcement said.
The coop banking movement announced losses of €228 million for the first nine months of 2015, compared to profits of €109.5 million over the same period in 2014 .
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