Co-operative and Community Benefit Societies (Environmentally Sustainable Investment) Bill

Part of the debate – in the House of Commons at 11:58 am on 11th September 2020.

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Photo of Anthony Browne Anthony Browne Conservative, South Cambridgeshire 11:58 am, 11th September 2020

Another example, which hon. Members might not be aware of, is the Co-operative Bank, which was one of my members when I ran the British Bankers Association. It collapsed amid huge financial and governance problems and ended up being bought by hedge funds. In fact, the Co-operative Bank is no longer a co-operative at all, and its debt is issued on the London stock exchange. That is another example of where good intentions do not lead to good results if there is bad governance.