Here, now, are the words of Niall Booker, Chief Executive of the Co-operative Bank:
For over 140 years the values and ethics of the Co-operative Bank have set us apart from other banks. We recognise that this is one of the main reasons why many of our customers bank with us.
We also recognise that customers have been disappointed by recent events at the Bank.
In future, we want to ensure that we work harder to meet our customers’ expectations. This is why, as we make our bank fit for the future, we want to refresh our commitment to our Ethical Policy. In 1992, we broke new ground and became the first bank in the UK to put ethics at the heart of our business. We did this by introducing our customer-led Ethical Policy.
In November last year we legally embedded our values and ethics into the Bank’s constitution. We also set up a Board Committee to ensure we stay true to our values and ethics in the future. Today we are asking you for your views on our Ethical Policy and our wider values in a customer poll. Your opinions will help us understand if there are areas where we should do more.
This is your chance to put values and ethics at the heart of what we do. I believe this is essential for our Bank and for our loyal customers.
I’d like to reassure you that we have made significant process in fixing some of the problems of the past and in reshaping our business. The Bank has a new management team, we continue to strengthen our capital position, and we are returning to our roots as a community bank. Renewing and refreshing our ethical commitment is the next important step in this process.
lf a bank that is distinguished by its values and ethics is important to you, then we are still that bank.