These pensioners are the direct losers. But I would argue that we all are. The
Co-op bailout turns the bank from an institution owned by its members to yet
another bank listed on the stock market.

There is bound to be a clash of interests here. Why would the owners, for
example, want to keep jobs in the UK when overseas call centres are cheaper
and the value of their investments depends upon cutting costs? And who will
decide the worth of the charity donations that the bank makes, or its pledge
not to invest in certain sectors?

And yet, once the Co-op loses its feelgood shine, who is going to want to bank
with it? I certainly don’t hold my current account with the Co-op because of
the rate I am getting. The interest on my current account is non-existent,
and it is rare that the bank tops the best-buy tables.

This clash of cultures between jungle law and moral high ground leaves the
Co-op in a very sticky place indeed. Retaining its Unique Selling Point may
prove nigh-on impossible.

• Please send your questions about Co-op Pibs to money@telegraph.co.uk

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