Co-operative Bank customers told not to panic

THOUSANDS of local customers have been told not to panic after Guernsey's Co-operative Bank – which handles around £400m. – said it was closing.

The decision will see 11 local jobs lost.

Savings, mortgages and investments are not under any threat, the bank yesterday insisted.

Regulator the Guernsey Financial Services Commission urged the branch's 16,000 customers to take notice of the advice being offered by the Co-operative Bank and then decide where to 'move their banking business'.

The bank needs to raise £1.5bn to plug a capital shortfall identified by regulators. A Co-operative Bank spokesman said the closure was part of its wider plan to 'simplify its business'.

'There is no need to panic, money is completely safe,' said a Co-operative Bank spokesman.