The Bank of England has fined former Co-operative Bank executives for pushing the bank near to collapse two years ago.
The BoE’s Prudential Regulation Authority fined Barry Tootell, the bank’s former chief executive and Keith Alderson, the former managing director of the Co-op Bank’s Corporate and Business Banking Division.
Tootell was slapped with a £173,802 ($249,000) fine and Alderson has to pay £88,890 ($130,000).
They were also banned from taking a senior position in another bank for the rest of their lives.
The bank almost crumbled two years ago as it revealed a £1.5 billion ($2.3 billion) black hole in its balance sheet.
Andrew Bailey, the PRA’s chief executive said: “Banks that are not well governed have the potential to pose a threat to UK financial stability. The actions of Mr Tootell and Mr Alderson posed an unacceptable threat to the safety and soundness of the Co-op Bank which is why we have decided a prohibition is appropriate in these cases.”
Last year the BOE wanted to hand Co-op a huge £120 million ($187 million) fine for getting into the mess, but the bank was too weak to pay it.
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