The Co-op's bank will operate off Lloyds' IT systems, and Lloyds is providing the senior management of the Co-op's enlarged bank.
The FSA has told the Co-Op that if it goes ahead with the deal, there will be regulatory consequences that the Co-Op's management regards as onerous - heavy enough, probably, to kill the deal.
Most important, however, is how the Co-op's withdrawal from the Lloyds deal highlights the tension between the government's twin ambitions - of making banks safer through increased and improved regulation and promoting competition.
With all the uncertainties about how the Co-op will fill the hole in Co-op Bank's capital resources, it seems unlikely that the PRA will remain quite so arms length.
Tesco's move, preceded by the Co-op's purchase of the Alldays chain earlier this week, has shown that convenience stores are in demand.
Which explains why bankers close to Lloyds have been making very positive noises about the Co-Op's chances of winning the auction for Verde, even though the Co-op is yet to make a bid.
And here is one important reason why the non-bankers on the Co-op's board are nervous about getting bigger in banking: they are acutely aware of how the non-bankers at HBOS, Sir James Crosby, Andy Hornby and Lord Stevenson, were pilloried by MPs earlier this month for making a total horlicks of their bank.
The chain nets a high 8% of sales before taxes and patronage refunds to the co-op's members.
Intoxicated by their rapid expansion, the co-op's managers poured money into fresh investment.
For now these members must buy their gear through the co-op's catalogs or on its rapidly growing Web site (www.rei.com ).
The non-bankers on the Co-op's top board may not have asked tough enough questions about the true state of health at their bank.
On the other hand, NBNK is confident that its IT systems skills - terribly important in any bank acquisition - are superior to the Co-op's.
And among other recent announcements from stores on green issues, Tesco has said it plans to follow the Co-Op's lead by making its carrier bags biodegradable.
The Co-Op's board yesterday decided that the new regulatory burdens being placed on banks and the weakness of the economy makes banking a much less attractive business.
In the case of Tesco, Wiseman had increased the amount it supplied by 10% and had won a contract to supply all of the Co-op's milk from August 2011.
"While nobody suffered any financial loss, Co-op's actions meant that a significant number of people had the resolution of their valid complaints delayed for no good reason, " she added.
It's a photo-op, but an informal swearing-in ceremony, and that's taking place actually this afternoon.
Then there was then-CNN news chief Eason Jordan's remarkable op-ed in The New York Times in April 2003.
Indeed, the vast majority of these retired officers, including the authors of this week's op-ed, retired before the current "don't ask, don't tell" policy even began in 1994.
Now one of the most striking things about Co-op Bank's customers is they seem to love their bank rather more than would be true of customers of the bigger banking groups.
When asked about Mr. Portman's op-ed, Mr. Ryan told reporters Friday that he hadn't yet read it but planned to, pulling a printed copy out of his jacket pocket as he walked onto the House floor for a vote.
On some level, the home, whether it has a white picket fence or not, whether it's a condo or a co-op or a detached home, that's the American dream.
Yet Obama's Wall Street Journal op-ed today, which announced the executive order, utterly glossed over the Environmental Protection Agency's C02 rules, the FCC's unauthorized net neutrality push and the torrent of rules yet to come from the health care and financial reform bills.
See all of today's editorials and op-eds, plus video commentary, on Opinion Journal.
Mr Cable suggested in his speech that the future business bank could work with commercial banks such as the UK's Co-Op, and the British operation of Swedish lender Handelsbanken.
Because of the imperative of maintaining high levels of capital in the banking part of the Co-Op, the group's ability to invest in its important supermarkets and other services could be restricted.
Rubin wrote an op-ed piece in Friday's Washington Post relating an interview he conducted with McCain on the British network Sky News shortly after Hamas won the Palestinian elections in January 2006.
In response to Tony Hayward's June 4 op-ed " What BP Is Doing about the Gulf Gusher": It is time that the publicity spin that BP is putting on this disaster is put into perspective.
S. Bach (No.1 in D-Minor BWV 1052, and No.2 in E-Major, BWV 1053) framing W.A. Mozart's No. 12 in A-Major, K.414 and Johann Christian Bach's E-Flat Major Concerto Op.7 No. 5.
WSJ: The First Sounds of Spring | Savannah Music Festival | By Barrymore Laurence Scherer
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