Co-Operative fails BOE stress test; RBS, Lloyds barely pass

London

CO-OPERATIVE Bank failed the Bank of England's (BOE) first public stress test of the country's lenders as Royal Bank of Scotland (RBS) and Lloyds Banking barely passed.

Co-Operative said it plans to cut an additional £5.5 billion (S$11.27 billion) of assets by 2018, while RBS plans to sell £2 billion of notes to bolster capital. None of the banks said it will have to sell new stock.