Are there any ethical banks/investments in Ireland

[wilbur]

Hi. I am about to inherit some money from a will. It is a six figure sum and I am really concerned about where to put it. I have been reading up about ethical banks but none seem to operate here in Ireland. I have a moral issue with putting the money into banks who are not transparent about where they invest our savings. Can anyone make a suggestion please?
Thank you in advance

 

[ClubMan]

You might need to define precisely what you mean by "ethical". It's a pretty woolly and subjective term.

 

[wilbur]

You might need to define precisely what you mean by "ethical". It's a pretty woolly and subjective term.

I would define an ethical bank as one that does not invest in arms, child labour and corrupt regimes.

Here is a website that details what many banks are investing in - [broken link removed]
It does not make comfortable reading.

An example of an ethical bank would be http://www.triodos.co.uk/uk/.
These guys invest in community projects and companies that have a conscience.

 

[ClubMan]

Why are arms investments necessarily unethical? Nation states have a right and duty to protect themselves and need arms to do so. "Corrupt regimes" is another largely subjective term.

 

[ubiquitous]

[broken link removed]
It does not make comfortable reading.

Indeed it doesn't as some of the content on this site is questionable, to say the least.

For example

"Walmart blocks the unionisation of its workforce" - hardly a cardinal sin. All Irish employers are legally entitled to do this, and quite rightly so.

"Walmart encouraging its employees to vote McCain" - as if Obama got elected without raising a shilling.

 

[wilbur]

Why are arms investments necessarily unethical? Nation states have a right and duty to protect themselves and need arms to do so. "Corrupt regimes" is another largely subjective term.

Try telling that to children who have had their legs blown off by clusterbombs or landmines. Try telling that to the people in Sudan, Chad, DRC etc whose lives are spent in fear.
Some people find it abhorant, others like yourself don't. We should be able to choose if we want to invest in death or not.

 

[Sunny]

Try telling that to children who have had their legs blown off by clusterbombs or landmines. Try telling that to the people in Sudan, Chad, DRC etc whose lives are spent in fear.
Some people find it abhorant, others like yourself don't. We should be able to choose if we want to invest in death or not.

There are ethical funds that you can invest in if thats what you are looking for.

 

[wilbur]

There are ethical funds that you can invest in if thats what you are looking for.

Where would I find out more about them?

 

[bigbadostric]

You could try the co-op bank in the UK?

 

[wilbur]

You could try the co-op bank in the UK?

AFAIK you have to be resident of the U.K to join them

 

[Sunny]

Where would I find out more about them?

Try the ones mentioned here but it is a bit old so not sure if they are still offered but most fund managers offer the option

http://www.askaboutmoney.com/showthread.php?p=365399

 

[ubiquitous]

Try telling that to children who have had their legs blown off by clusterbombs or landmines. Try telling that to the people in Sudan, Chad, DRC etc whose lives are spent in fear.
Some people find it abhorant, others like yourself don't. We should be able to choose if we want to invest in death or not.

I don't think its fair to say that any users of this forum don't find the consequences of clusterbombs or landmines abhorrent.

That said, I would have grave reservations about the quality of the information posted on the site you linked, and also in general about how terms like "ethical" are defined, and the integrity of some of the people who sometimes make this sort of definition.

Its not too long ago that I heard one particular Irish politician pontificate about "ethical investment" while at the same time this individual's party was inextricably linked to an illegal terrorist army (which in its time has itself murdered and maimed children, and benefitted from links to an international drug cartel), and the individual himself is a former social welfare fraudster.

 

[wilbur]

I don't think its fair to say that any users of this forum don't find the consequences of clusterbombs or landmines abhorrent.

That said, I would have grave reservations about the quality of the information posted on the site you linked, and also in general about how terms like "ethical" are defined, and the integrity of some of the people who sometimes make this sort of definition.

Its not too long ago that I heard one particular Irish politician pontificate about "ethical investment" while at the same time this individual's party was inextricably linked to an illegal terrorist army (which in its time has itself murdered and maimed children, and benefitted from links to an international drug cartel), and the individual himself is a former social welfare fraudster.

The information on the site is very well researched and I would be quite confident that they are not making it up. Here is a paper that gives more information -

 

[ubiquitous]

The information on the site is very well researched and I would be quite confident that they are not making it up. Here is a paper that gives more information -

I'll take your word for it, even though I know nothing about the integrity, background, politics or financial interests of the person or people who produced that document. That said, my more general reservations remain.

Btw, you didn't answer my question as to why Walmart has been blackguarded (unfairly imho) in the website you linked earlier?

 

[gillarosa]

Indeed it doesn't as some of the content on this site is questionable, to say the least.

For example

"Walmart blocks the unionisation of its workforce" - hardly a cardinal sin. All Irish employers are legally entitled to do this, and quite rightly so.

I'm not aware of any legislation which allows ALL Irish Employers block their Employees join Unions, can you elaborate?

 

[Bronte]

Btw, you didn't answer my question as to why Walmart has been blackguarded (unfairly imho) in the website you linked earlier?

Wasn't there a story about a year ago about how Walmart were able to subvert legitimate minimum wage rates in the USA. It meant their workers would be on a non sustainable wage. I don't have a link to it but they are a very powerful company and don't seem to treat their staff very well (that's what I thought at the time). Not sure if that's ethical or morally reprehensible though.

 

[ubiquitous]

Indeed it doesn't as some of the content on this site is questionable, to say the least.

For example

"Walmart blocks the unionisation of its workforce" - hardly a cardinal sin. All Irish employers are legally entitled to do this, and quite rightly so.

I'm not aware of any legislation which allows ALL Irish Employers block their Employees join Unions, can you elaborate?

I understand that there is no legal obligation forcing an employer to recognise a union representing their employees, or to negotiate with them on that basis. Is this what you mean?

 

[ClubMan]

Try telling that to children who have had their legs blown off by clusterbombs or landmines. Try telling that to the people in Sudan, Chad, DRC etc whose lives are spent in fear.
Some people find it abhorant, others like yourself don't. We should be able to choose if we want to invest in death or not.

I never mentioned cluster bombs or landmines.

 

[ubiquitous]

they are a very powerful company and don't seem to treat their staff very well

You might need to define precisely what you mean by "ethical". It's a pretty woolly and subjective term.

 

[ClubMan]

I'm not aware of any legislation which allows ALL Irish Employers block their Employees join Unions, can you elaborate?

I would have assumed "blocking the unionisation of a workforce" to mean non recognition of any union in the context of employer/employee (collective) bargaining. Not necessarily preventing anybody from joining a union (which I believe is a constitutional right)?