LONDON Mon Dec 1, 2014 5:44am EST
LONDON Dec 1 (Reuters) - Britain's Co-operative Bank said on Monday it will "come as no surprise" if the bank fails to pass a stress test of UK lenders by the Bank of England later this month.
Britain's eight biggest lenders are being tested on their ability to withstand a theoretical 35 percent crash in house prices and surging unemployment and interest rates, with the Bank of England due to announce the results on Dec. 16.
"It will come as no surprise if the bank does not meet the desired capital ratios in the stress tests due to be announced in December," Chief Executive Niall Booker said in a statement.
"Almost 70 per cent of our customer assets are residential mortgages and it has always been clear to ourselves and the regulator that we are vulnerable to these tests at this point in our turnaround," he added.
Co-op Bank nearly collapsed last year and fell under the control of bondholders after a 1.5 billion pound ($2.36 billion) capital shortfall was identified. (1 US dollar = 0.6364 British pound) (Reporting by Matt Scuffham, editing by Huw Jones)
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