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04 Apr 2008
The pain of the credit crunch hit expanded to the Co-op yesterday as the organisation's financial arm was forced to cut the value of a structured investment vehicle.
Co-operative Financial Services booked a £32m writedown in its accounts, as it revealed that pre-tax profit in its banking division for the year ended 31 December 2007 was £50.4m, down on the £76m it earned last year.
If the impact of the SIV writedown was stripped out, profits before tax at the banking arm would have been £5.9m, or 7.7%, higher.
Co-op financial services said the writedown was in line with other banks and insisted that the writedown was not a result of the banking division's decision to withdraw from the low, fixed-rate mortgage market.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
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