The troubled CO-OP Bank has said that it needs more time to release its financial details as the bank evaluates the details of it's the gap in its capital.

The new head of the bank, Niall Booker had earlier said that the results will be announced 8 April but the results were further delayed to 11 April, 2014. The Co-op Bank revealed a £400 million gap in its capital position. The gap was additional to the £1.5billion gap identified in the previous year.

It was alleged that Lloyds was "swayed by political considerations" in its decision to sell the branches to the Co-operative Bank. The process, which led to a £1.5 billion hole in Co-op Bank's finances, was a result of a directive form the European Commission that required the bank to sell branches in return for Lloyds's taxpayer bailout.

The bank needs £1.5 billion to fill the gap in its finances and the management is also considering cutting or cancelling income paid to the bond holders of the bank. Sutherland, the chief executive of the Co-op Group was urging for support for a plan to revive business. Following the rescue plan, the Co-operative Group was left with 30 per cent of the equity in the bank.