Manchester-based Co-operative Bank said on Friday it has now attained “full compliance with total capital requirements plus buffers.”

Co-operative Bank provides a full range of banking products and services to about 3.1 million retail and 95,000 small and medium sized enterprises. 

The bank said that “pending end-state minimum requirement for own funds and eligible liabilities” it expects to be able to continue meeting its buffers “on a sustainable basis.”

It said the attainment of compliance is ahead of its previously communicated target date of the end of 2023.

“Alongside the improved capital resources of the bank, the bank has received from the Prudential Regulation Authority (the PRA) a revision to the Bank’s PRA buffer following its standard Supervisory Review and Evaluation Process,” said Co-operative Bank.

“The bank does, however, note the risk to future capital requirements in relation to the development and implementation of its Secured Hybrid IRB Model.”

Co-operative Bank CEO Nick Slape said: “This is the first time that the bank has achieved full compliance with total capital requirements plus buffers on a sustainable basis since 2013, and is a clear demonstration of our strong progress in improving our financial stability, reducing our risk profile and enhancing our overall stress resilience.

“This development is an important milestone in the Bank’s turnaround plan.”