Keep the bank’s Ethical Policy strong
Over the next few weeks The Co-operative Bank will be deciding how it plans to proceed with its Ethical Policy.
In adverts in November last year, the bank promised to listen to its customers and invite them to vote on the type of businesses they will and will not lend their money to. We are expecting an Ethical Policy consultation by way of a customer survey in Spring this year.
This could be a big victory for the Save Our Bank campaign if the consultation proposes keeping the Ethical Policy in place without major changes, and perhaps extending it into new areas, as it has in previous years.
But it could be a disaster, if the bank’s new owners use this as an opportunity to water down the Ethical Policy by drastically redefining it, or removing important statements. We simply don’t yet know what direction the bank’s new owners will take.
We can’t wait for the consultation itself. It is now that the future of the Ethical Policy is being decided.
We are contacting the bank to seek reassurances that the Policy will remain in place without major changes. That means specific statements, backed by customers, on the types of business the bank will and will not finance.
We suggest you do the same.
- Contact the Co-operative Bank about their ethics using the web form here
- Tweet @CoopBankPR
- Or write to the address here.
Please say that you support the Save Our Bank campaign (and needless to say, please be polite). You can also find out more about the Ethical Policy on the bank’s website.
Everything to play for on ownership
Now that the bank rescue package has gone ahead, the latest information we have indicates that a group of 20 hedge funds now own 30% of the bank, with The Co-operative Group owning 30% and the remaining 40% in the hands of private investors. But this is only what we hear from the media, and the situation is still fluid.
At least one hedge fund has pulled out, and others may follow. We’re working on strategies to build support among private investors for the Save Our Bank campaign’s aims – retaining the ethics and bringing the bank back under majority co-operative control. This will be a long-term project, but there is still everything to play for.
Conference: Co-op Bank Crisis: Ways Forward for the Co-operative Movement
Still time to book for the special one-off conference on Friday (17th January) on the crisis at the Co-operative Bank: Ways Forward for the Co-operative Movement. This conference is an opportunity to bring together members of co-ops to debate and consider ways forward for co-operative business and the Co-operative Movement. The event features experienced speakers, best practice case studies, workshops such as membership engagement and management capture, exhibition stalls, networking and open space.
Save Our Bank will be in attendance. Register here for tickets (£36).
Help us spread the message
In the meantime, please continue to spread the word to more Co-op Bank customers about the campaign.
Please Forward this email to anyone you know who might bank with the Co-op, and ask them to pass it on.
If you're a social media user then:
Tweet now, asking people to visit our site and sign up to the campaign:
The #CoopBank is reviewing its ethics. Join the #SaveOurBank campaign to keep the pressure on and the policy strong. http://saveourbank.coop/join
Contact your Facebook friends and ask them to sign up to the campaign:
The Co-op Bank is planning its Ethical Policy consultation now! Join the #SaveOurBank campaign to keep the pressure on and the policy strong. http://saveourbank.coop/join