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Jan 7 (Reuters) - Britain's financial watchdog said onTuesday it had no regrets about approving the appointment ofPaul Flowers, arrested last year as part of an investigationinto the supply of illegal drugs, to chair the Co-operative Bank in 2010.
Following is a chronology of events at the bank:
2013
April 24 - Planned sale by state-backed Lloyds ofhundreds of UK branches to the Co-op falls through.
May 10 - Co-op Bank rules out government support after awarning from ratings agency Moody's that it might needtaxpayers' money to plug a capital shortfall, which prompts itschief executive to resign.
Bank's troubles mainly relate to bad commercial propertyloans, many acquired through takeover of Britannia BuildingSociety in 2009.
June 5 - Co-op Bank appoints veteran banker Richard Pym aschairman to lead the lender's restructuring, replacing Flowers.
June 17 - Co-op Group unveils plan to force bondholders tohelp plug a 1.5 billion pound ($2.4 billion) capital hole atCo-op Bank, under which the group will retain a majority stakein the bank while bondholders will end up with at least aquarter of the bank's shares.
Oct 21 - Co-op bows to bondholder demands and agrees to handthem control of the bank in order to seal a rescue. The group isleft with a 30 percent stake.
Nov 6 - Flowers questioned by Treasury Select Committee onthe Lloyds deal, making mistakes about Co-op Bank's finances. At one point he says it held 3 billion pounds of assets when thetrue figure is 47 billion.
Nov 17 - Mail on Sunday says Flowers filmed arranging to buycocaine. In a subsequent statement, Flowers says: "This year hasbeen incredibly difficult, with a death in the family and thepressures of my role with the Co-operative Bank ... At thelowest point in this terrible period, I did things that werestupid and wrong."
Nov 20 - British Prime Minister David Cameron promisesinquiry into how Co-op Bank had been "driven into the wall" byFlowers and asks why alarm bells over his behaviour hadn't rungearlier.
Nov 22 - British police arrest Flowers as part of aninvestigation into the supply of illegal drugs.
Dec 12 - Co-op Group appoints ex-Treasury minister PaulMyners to review its operations for a token 1 pound ($1.6)salary.
2014
Jan 6 - UK financial regulators launch investigation intoproblems at Co-op Bank, which could lead to fines for the bankand its former directors.
Jan 7 - Britain's Financial Conduct Authority (FCA) says ithas no regrets about approving the Flowers' appointment. "Idon't think it was a mistake in terms of the decision I made atthe time," Clive Adamson, director of supervision at the FCA,tells parliament's Treasury Select Committee. "There are lessonsto be learned from what happened ... Today he wouldn't beapproved as we would look for more experience."
