Co-op refuses £700m-worth of loans on ethical grounds by Finance News Bulletin

Published: 16/12/07

Moving accounts from one bank to another is "simple", according to the British Bankers' AssociationThe value of Christmas presents can "significantly" affect house contents insurance, warns NFU MutualAxa is launching My Budget daylight hours on November 21st in an attempt to encourage populace to take control of their financesThe Co-operative Bank has turned away over £700 million in commerce since introducing its ethical guidelines in 1992, it has revealed

Under the terms of the rule, the bank does not grant loans to companies which are involved in what are deemed to be unprincipled businesses or investmentsHowever, far from costing it in terms of commerce and profits, the Co-operative Bank believes that the policy has actually helped to draw in traditionIn 1992, the store loaned out £571 million This has now grown to £1

997 billion - an add to in excess of 250 per centOf loans declined for moral reasons, most were on an environmental basis, as the applicant company was determined to be involved in environmentally harmful practicesOther reasons for decline included creature welfare, animal testing of makeup, blood sports and arms tradingJonathon Porritt, founder and director of meeting for the Future, said the bank is setting an example for others to go after

He additional that turning down loan applications of millions of pounds on ethical and environmental grounds "is of note at a time when we all require to consider the enormous changes that will be necessary to challenge climate change"In other news today, Marks & Spencer Money has been chosen best credit card and existence insurance provider at the annual Your Money Direct

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