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What's the exchange rate for euros? mortgage makers usa It has since emerged that despite what Marks and the Co-op were saying outwardly, inwardly the story was somewhat different. In the summer of 2011, when the Verde deal was first mooted, Andrew Bailey, then deputy head of the Financial Services Authority’s prudential business unit, told the bank’s board that on the basis of a high-level examination, he felt it needed more capital to succeed on Verde.