Press release
Friends of the Earth International * CEE
Bankwatch Network
EIB not fit to invest in - says Dutch
bank
Socially responsible Dutch bank withdraws
investment due to the EIB’s weak
environmental and social performance
Amsterdam, July 17th, Friends of the Earth
International and the CEE Bankwatch Network
welcome today's decision from Dutch bank ASN
to terminate its investment in the European
Investment Bank. The NGOs urge all socially
responsible investors who are mindful of the
environment and sustainable development to
follow ASN's example and stop buying EIB
bonds.
This follows ASN's announcement today that
it will be immediately withdrawing investment
money from both the EIB and the World Bank.
Recent ASN research found that, “In the areas
of environmental, social and human rights
policies the EIB scores insufficiently for
ASN to continue its investment.” The EIB’s
lack of transparency was another important
factor behind ASN’s decision.
The Bank has promised to sell the EIB
bonds which it currently holds. Jeroen
Jansen, ASN Vice-Director, revealed that ASN
wants to send a message that it is absolutely
unacceptable for the EIB - major
multi-national investor that it is - not to
adhere to the sustainability standards
required of an institution of this
magnitude.
Magda Stoczkiewicz, leading the EIB reform
campaign on behalf of Friends of the Earth
International and CEE Bankwatch Network,
adds: “We are very pleased with ASN’s
decision and can only hope other socially
responsible investors will follow ASN's lead.
In the last couple of years we have been
highlighting many of the EIB's institutional
and operation failings which have now also
been revealed by ASN: its lack of
transparency, its threadbare environmental
expertise and standards, as well as the
detrimental impact of many of its financed
projects on people and the environment.”
The EIB is owned by the 15 member EU
states, with the respective countries'
finance ministers acting as the bank's
governors. Stoczkiewicz continues: “The EIB
governors should take a closer look at this
institution and pressure for reforms.”
The Bank was recently given further
capital (increased to EUR 150 billion in June
2002) and a bigger mandate within as well as
outside the European Community. It is
regarded by the member states as a good
source of money which can help to balance
budgets. This function is clearly spelled out
in the Italian Presidency's recent proposal
for boosting Euro zone economies by investing
in Trans-European Network infrastructure. The
EIB will have a leading financial role in
this initiative.
“European leaders are never slow to voice
their concerns on environmental and social
issues. If this is not to be yet more hollow
rhetoric they need to urgently put the
biggest financing institution in the world -
the European Investment Bank - under the
spotlight and undertake immediate reforms” –
sums up Stoczkiewicz.
For further information:
Magda Stoczkiewicz, CEE Bankwatch/FoEI +31
20 622 13 69 or mobile +31 652 41 03 23
More information on the EIB reform
campaign:
http://www.bankwatch.org/issues/eib/meib.html
The ASN Bank press release can be found
on:
www.asnbank.nl
under news
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