Bank of the People Montreal in 1840. Until 1835, every bank in Upper Canada required a legislated charter which established it as a legal person able to sue, and be sued at law. Only two Banks had been chartered: the Bank of Upper Canada and the Commercial Bank of the Midland District. Both banks were controlled by the "Family Compact" who used their control of the currency supply and credit to control trade and ultimately, the farmers. They had a "licensed monopoly" to print paper money, which reduced competition. In 1835, Dr Charles Duncombe, a Reform politician in the Legislative Assembly, was part of
The Co-operative Bank 2017 the bank began seeking a debt-for-equity swap. In June 2017 the bank's board discontinued the formal sale process. By that time the bank's total losses since its financial crisis amounted to £2.6 billion. It was then announced that institutional bondholders had agreed to convert £426 million of bonds into equity, which would give them a 17 per cent stake in the bank. Additionally, it was announced that existing investors had agreed to put £250 million of new equity into a newly established holding company, which would take a 68 per cent stake in the bank. The investors also agreed