Leek Finance Number 15 PLC - Optional Redemption

 

TIDMCPBB TIDM81NF TIDM82BU TIDM32VP 
 
RNS Number : 2891M 
The Co-operative Bank PLC 
21 May 2010 
 

The Co-operative Bank p.l.c. 
21 May 2010 
Leek Finance Number Fifteen PLC - Optional Redemption 
The Co-operative Bank p.l.c. (the Co-op) through one of its subsidiaries, 
Platform Funding Limited, has elected to re-purchase the portfolio of loans held 
by Leek Finance Number Fifteen PLC (Leek 15) which will enable Leek 15 to redeem 
the notes issued by it on 27 April 2005 on the interest payment date falling on 
21 June 2010. 
The Co-op has claimed regulatory capital relief in relation to Leek 15, Leek 
Finance Number Sixteen PLC (issued on 25 October 2005) (Leek 16) and Leek 
Finance Number Seventeen PLC (issued on 28 April 2006) (Leek 17) and for the 
subordinated loans made to those entities by the Co-op in connection with their 
respective notes issuance referenced in the credit default swap entered into 
between Dovedale Finance No. 1 P.L.C. (Dovedale) and the Co-op. 
Under the terms of the Prudential Sourcebook for Banks, Building Societies and 
Investment Firms (BIPRU), the re-purchase of the portfolio of loans held by Leek 
15 in the circumstances discussed above is regarded as providing non contractual 
support by Co-op to Leek 15, Leek 16, Leek 17 and Dovedale.  As a result of the 
Co-op providing non contractual support, these issuances will no longer receive 
regulatory capital relief. Had this revised capital treatment been applied to 
Leek 15, Leek 16, Leek 17 and Dovedale as at 31 December 2009, the Total Capital 
Ratio would have reduced from 13.52% to 13.06%. 
This announcement is being given as required by section 9.6.2 of BIPRU. 
Should you require further information, please contact Gary McDermott / Investor 
relations / + 44 (0) 1538 39 38 27. 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCXBLFLBEFEBBE