SNP MSP welcomes ethical banking to Scotland


By a Newsnet reporter
Rob Gibson MSP has welcomed the opening of the first Scottish branch office of the ethical investment bank, Triodos.
The SNP MSP for Caithness, Sutherland and Ross was speaking last night at a launch event in Edinburgh, attended by around 50 business and personal customers as well as key partners from various social and environmental organisations.

“We are here to celebrate the expansion of an ethical bank into Scotland and I join in welcoming Triodos to its new home in Edinburgh.” he said and added:

“Since my personal involvement in the Economy Committee’s Future of Banking in Scotland report in 2009, I have developed the view that sustainable banking is essential for the sector to recover and for the real economy to receive funds for development.

“The Scottish Government, with the overwhelming backing of the Scottish Parliament, would welcome speedier changes to the regulatory framework for banking across the UK and set in the EU financial services market.”

Mr Gibson described the banking bonus culture as having “fallen into deeper ill-repute” and claimed that a wider range of banks willing to lend to small and medium sized businesses was now needed.

He added:

“I recognise the challenges in influencing change to a more stable banking regime.  They require worldwide rules but they need to promote local banking to flourish free to promote sustainable products and ethical firms.

“What I find attractive about Triodos is that its core function is to achieve these goals.  I cannot overemphasise the importance of supporting the development of a sustainable economy in Scotland, and this new branch opening in Edinburgh brings a track record of sustainable banking values, at the service of the community.”

Triodos Bank is one of the world’s leading sustainable banks.  Its mission statement describes it as seeking to “make money work for positive social, environmental and cultural change.”

“We connect savers and investors who want to change the world for the better with entrepreneurs and sustainable companies doing just that. We are the only specialist bank to offer integrated lending and investment opportunities for sustainable sectors in a number of European countries.” it says.