The British challenger bank is now the second most shorted company on the UK stock market.
Operating with insufficient capital is just about the worst thing a bank can do. It gets to the very core of what a bank does - namely takes deposits from savers and lends those out to borrowers.
Pillar one is the basic minimum capital calculation based on how much lending you have done and in which markets - the more you do, the riskier the types of loans - the more you need. So far - no heads have rolled as a result of the capital blunder. The chief executive Craig Donaldson offered to resign but the board did not accept it.
So what? Just what the High Street needs - a bank that's open when you want it to be with a sense of fun about it.Metro Bank has paid £21m to Vernon Hill's wife's firm for its design work Six of its nine non-executive directors have been on the board almost since day one - nine years ago - coincidentally the maximum recommended term for a director under the company governance code.
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