Terry Jordan, Head of Mortgages for The Co-operative Bank comments: "It is important that we balance the needs of both our savings and mortgage customers. Our SVR remains very competitive against the market and throughout the recent financial turmoil The Co-operative Bank has managed to hold a position of financial strength, continuing to offer customers an extensive range of mortgage and savings products. This decision will help us to maintain that position going forward."
The Co-operative says that:
§ Despite recent financial turmoil, the Bank has continued to offer a competitive range of mortgage and savings products to customers. This is underpinned by a strong funding model, which means its mortgages are essentially 100 per cent funded by customer deposits. As a result, it has not been necessary for the Bank to access either additional capital or liquidity from any other source including the Government.
§ The Bank remains fully committed to providing quality mortgage and savings products despite the current economic climate and expects its market share to grow during 2009.
