The bank’s capital shortfall was revealed in June last year.

Lenders agreed to bail out the bank at the end of 2013, after it was revealed that its former chairman, Methodist minister Paul Flowers, took drugs, the Daily Mail reports.

The Co-operative Group, which used to wholly own the bank but now controls a 20% stake, made the £100m payment last month.

There had been fears that the group, which faces its own issues in a fiercely competitive grocery market and amid an overhaul of its governance, would not be able to make the payments of £263m that it committed to last year.

It has to make a further £163m payment by the end of this year.

When the bank was forced to raise a further £400m from investors earlier this year it listed the Co-op Group’s inability to pay the £263m as a risk to its recapitalisation.

The group is set to issue new governance arrangements shortly, which would be voted on in a special general meeting to be held in September.