A report on the financial links between banks and the producers of controversial weapon systems
This report is part of the campaign ‘My Money. Clear Conscience?’
A campaign of Netwerk Vlaanderen vzw, in cooperation with Forum voor Vredesactie, For Mother Earth and Vrede vzw
In October 2003 Netwerk Vlaanderen and her partners from the peace movement released a report as part of the “My Money. Clear Conscience?” campaign . This report revealed that the five largest banks in Belgium (AXA, DEXIA, FORTIS, ING and KBC) have a combined investment of $1.5 billion in 11 international weapon producing companies.
There was a lot of press attention. The clients of the banks were astonished, shocked and concerned. The banking world was completely surprised and has clearly been dealing with the matter. The theme has been taken up in the corridors of the financial world in Belgium.
But we have the impression that despite the press attention and the reaction of the clients, the banks do not realise the seriousness of the situation. It seems that the tactic has been to let the storm subside and get on with “business as usual”.
For this reason, Netwerk Vlaanderen and her partners in the peace movement are using this second report to bring new facts to light. This report focuses on the links between the same five bank groups and the production of controversial weapon systems, in particular landmines, cluster bombs, nuclear weapons and depleted uranium weapons.
There is nothing secret in our agenda. We want to use this report to increase the pressure on the banks to stop their investment in the arms trade. It must present the banks with the reality of their choice to invest in these weapons. Even more than the previous report, we look at the details of which unacceptable practices and weapons the banks are investing in, when they choose to deal with the arms industry.
In recent decades, cluster bombs have been responsible for thousands of civilian victims, often years after the end of armed conflict. They have been widely used in the wars in Yugoslavia, Kosovo, Afghanistan and Iraq.
Landmines are the pariahs of the weapon world. Every year they create 26,000 civilian victims. In more than ¾ of the world, they have also been declared illegal.
Nuclear weapons have a devastating power. These weapons of mass destruction present an ongoing threat to the whole of civilisation. Despite numerous international treaties, the nuclear weapon states continue to modernise their nuclear weapon arsenals.
Depleted uranium weapons have been used in armed conflict over the past 15 years, despite being radioactive and chemically toxic. They cause serious health problems after the conflict for both soldiers and civilian victims.
It is not nice, but these are the cold facts. An anonymous decision of “asset management” could prove to be an investment in landmines. An interesting business proposal could be a loan for a producer of nuclear weapons or a bank guarantee for a specialist in the production of cluster bombs.
This is banking to death, banking until the bomb falls!
Read the FULL REPORT.
This report is part of the campaign ‘My Money. Clear Conscience?’
A campaign of Netwerk Vlaanderen vzw, in cooperation with Forum voor Vredesactie, For Mother Earth and Vrede vzw
In October 2003 Netwerk Vlaanderen and her partners from the peace movement released a report as part of the “My Money. Clear Conscience?” campaign . This report revealed that the five largest banks in Belgium (AXA, DEXIA, FORTIS, ING and KBC) have a combined investment of $1.5 billion in 11 international weapon producing companies.
There was a lot of press attention. The clients of the banks were astonished, shocked and concerned. The banking world was completely surprised and has clearly been dealing with the matter. The theme has been taken up in the corridors of the financial world in Belgium.
But we have the impression that despite the press attention and the reaction of the clients, the banks do not realise the seriousness of the situation. It seems that the tactic has been to let the storm subside and get on with “business as usual”.
For this reason, Netwerk Vlaanderen and her partners in the peace movement are using this second report to bring new facts to light. This report focuses on the links between the same five bank groups and the production of controversial weapon systems, in particular landmines, cluster bombs, nuclear weapons and depleted uranium weapons.
There is nothing secret in our agenda. We want to use this report to increase the pressure on the banks to stop their investment in the arms trade. It must present the banks with the reality of their choice to invest in these weapons. Even more than the previous report, we look at the details of which unacceptable practices and weapons the banks are investing in, when they choose to deal with the arms industry.
In recent decades, cluster bombs have been responsible for thousands of civilian victims, often years after the end of armed conflict. They have been widely used in the wars in Yugoslavia, Kosovo, Afghanistan and Iraq.
Landmines are the pariahs of the weapon world. Every year they create 26,000 civilian victims. In more than ¾ of the world, they have also been declared illegal.
Nuclear weapons have a devastating power. These weapons of mass destruction present an ongoing threat to the whole of civilisation. Despite numerous international treaties, the nuclear weapon states continue to modernise their nuclear weapon arsenals.
Depleted uranium weapons have been used in armed conflict over the past 15 years, despite being radioactive and chemically toxic. They cause serious health problems after the conflict for both soldiers and civilian victims.
It is not nice, but these are the cold facts. An anonymous decision of “asset management” could prove to be an investment in landmines. An interesting business proposal could be a loan for a producer of nuclear weapons or a bank guarantee for a specialist in the production of cluster bombs.
This is banking to death, banking until the bomb falls!
Read the FULL REPORT.