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Fears over use of troubled bank
Updated 10:56am Thursday 27th March 2014 in News
Bradford Council has been criticised for using the troubled Co-operative Bank to collect Council Tax payments, despite it not meeting its strict financial criteria.
Councillor Glen Miller, leader of the Conservative group, said the Co-operative was having to sell off branches because of the financial trouble it was in. He said: “I would hate to think we hold too much money with them.”
To minimise any risk of losing the money, Council staff empty the account daily by moving cash into its NatWest account.
The Co-operative Bank has a Moody’s rating of Caa1, meaning it has a “negative outlook”.
Bradford Council only invests in banks with a rating of A or above. This policy was amended this week.