This bank will remain the Co-operative Bank That would be Euan Sutherland, chief executive of the Co-operative Group, announcing "we have been listening carefully" to bondholders (eventually). Anyway, Sutherland has three principles for the now bondholder-dominated recapitalisation of his group's bank (still in negotiation) ... Note number two: Secondly, that as a group, the Co-operative retains effective control of the bank, which I'm delighted to say that we have, securing 30 per cent of the equity, which makes us the single largest shareholder... That 30 per cent stake is far from the majority stake which the Group sought to maintain until very recently - but it is the bare minimum for the Takeover Panel (for example) to judge that "effective control" exists. We're not sure if Co-operative members appreciate the jargon...