Central Reclaim Fund from The Co-operative Bank
The Co-operative Bank is pleased to offer support to the rest of the industry and Government by establishing administration of the Central Reclaim Fund.
As this is a complex undertaking, and the first time that such a scheme has been set up in this country, there are a number of processes that need to be completed before the Fund is ready to begin accepting monies.
We are currently in the process of submitting an application to the FSA for authorisation to establish and administrate the Central Reclaim Fund. It is anticipated at this stage that the Central Reclaim Fund will be established by the end of the year and that the first transfers from bank and building societies will follow shortly afterwards, with the initial release of surplus funds to Big Society Bank, by the end of the first half of next year.
Based on the current industry view of the initial amount of money that the Fund will receive, it is estimated that this first distribution to Big Society Bank will be in the region of £60-100 million.
For further information please contact:
The Co-operative Financial Services Press Office
Tel: 0161 903 3833
About The Co-operative Financial Services
The Co-operative Financial Services (CFS) is part of The Co-operative Group, which is the world’s largest consumer co-operative with around five million members, over £14 billion turnover, and core business interests in financial services, food, travel, pharmacy and funeral care. The Co-operative Group has over 5,000 retail trading outlets.
Following the merger with Britannia Building Society on 1 August 2009, the new organisation is one of the largest and well diversified mutual businesses operating in both retail and corporate markets.
As part of The Co-operative Group, the new business will be characterised by its unique ethical and member reward policies and very high levels of customer advocacy.
The combined business has £70 billion in assets, 12,000 staff and nine million customers. It has over 300 high street branches, 20 corporate banking centres and a major presence in Manchester, London, Leek, Bristol, Plymouth, Skelmersdale and Stockport. There are also 1,000 face-to-face financial advisers throughout the UK.
It is the only mutual organisation that enables its members to earn financial rewards for the products they hold, as well as giving them the opportunity to have a say in how the business is ran.