Economy
‘Transparent savings’ help Ecology break £120m asset barrier
Ethical savings provider Ecology Building Society has revealed it now holds over£120m in assets – a growth of more than £10m since the beginning of 2013, which it attributes to the “popularity of transparent savings”.
The member-owned mortgage lender made the announcement at the start of National Ethical Investment Week, as three newmembers were appointed to its board.
In December 2012, assets stood at £109.7m, but are now up to £120.7m at the end of September. Ecology claims that this increase is due to the “popularity of [its] transparent savings accounts and expanding mortgage book”.
It adds that the announcement indicates further success for alternative, values-based banking, highlighting the “strength of the sustainable investment sector”.
Last week, the Global Alliance for Banking on Values (GABV) released a report which suggested that values-based banking offered better returns on assets and provides more capital to the real economy than mainstream banking.
Commenting on Ecology’s growth, CEO Paul Ellis said, “Our financial success is based on sticking to our core principles: thinking long-term, putting our members first and focussing on our social and environmental impact. And with the right people in place to guide our future growth, we can make even more of a difference.”
He added, “The potential for sustainable finance has never been greater, with 63% of British investors wanting a sustainable and ethical option when choosing their savings and investments. At the same time, the challenge of cutting the carbon emitted and resources wasted through the way we live has never been more urgent. We’re ready to meet that challenge.”
Further reading:
Sustainable and values-based banks outperform world’s biggest institutions
Triodos survey says 3m may consider social investment in next year
63% of UK investors want to be offered sustainable investment options
70% of investors don’t know if their investments are ethical