A report from the Ecumenical Council for Corporate Responsibility:
The events of the last two and a half years have drawn our attention, in dramatic ways, to how much we depend upon an honest and well regulated financial system: something which seems to be lacking in Ireland, Britain and many other parts of the world.
The consequences are devastating. Economic instability has grown: unemployment, bankruptcies, mortgage foreclosures and public expenditure cuts are now with us, and are predicted to remain for some time ahead.
On top of the despair and dismay, there is now a sense of disempowerment: “There’s nothing we can do!” is a commonly expressed view. Understanding how the present system works and how it might be reformed is felt, by many people, to be “too difficult”.
For these (and many other) reasons, the publication of a report entitled The Banks and Society: Rebuilding Trust by the Ecumenical Council for Corporate Responsibility (ECCR) is to be warmly welcomed. Researched and written by Suzanne Ismail, who works both with ECCR and Quaker Peace and Social Witness, it recognises our Christian responsibility to work for a society “ … marked by justice, compassion, peace and environmental stewardship”, and recommends what banks must do “… to repair their reputation as responsible corporate citizens”.
The report covers the main banking institutions in Britain and Ireland, and explains much more about what banks do, the many ways they are failing us, and the changes which are needed. It reminds us that many current banking practices have adverse social and environmental impacts, one example of which is financing the recovery of oil from the Canadian tar sands. It points out estimates of the financial capital which will be required to move to a renewable and lower carbon based economy.
It challenges us to ask: “What are banks for?” It prompts us to consider whether they have ‘lost their way’ and to question whether the objective of maximum profit needs to be tempered by a sense of public service.
“Better banking” is not a contradiction in terms; it is both possible and urgently needed. Triodos Bank provides an example. A description of its work can be found in a six minute presentation on www.youtube.com/watch?v=gClul-ZQ2dI.
ECCR intends to continue with the theme of this report. The website (www.eccr.org.uk) provides access (for free) to both the full report and a shorter summary, as well as offering a number of suggestions for further action.
We can be part of the task.
~ Tony Weekes, Eco Quakers Ireland
