Co-op Society has £17m. with downgraded bank

THE Channel Islands Co-operative Society has more than £17m. in current account balances and short-term deposits with the recently downgraded Co-operative Bank, it has disclosed.

The sum, as of 13 January, is included in the society's annual report and financial statements.

But chief executive Colin Macleod, pictured, was confident that members' money was safe.

'As things stand, we are happy with the service we are getting,' he said. 'We are closely monitoring the situation as we regularly do and it may be in the future that we do choose to spread the risk.'

The local organisation made a statement earlier this week reassuring cutomers that the Co-operative Bank's financial difficulties would not affect society members as it was an independent entity.