Teachers Mutual first Australian bank with ethical wholesale short term deposits
11 September, 2019
Teachers Mutual Bank Limited has announced that all future wholesale short term deposits (STDs) are certified as ethical by the Responsible Investment Association Australasia (RIAA). This means that Teachers Mutual Bank Limited is now the only Australian bank with retail deposits, mortgages, and wholesale funding all certified as ethical or responsible.
Commenting on the certification, Glenn Sargeant, CFO of Teachers Mutual Bank Limited said:
“Now, every new mortgage or deposit with us is certified as responsible. It doesn’t matter whether it’s a 30-year home loan or a 30-day wholesale deposit. No other financial institution in Australia can guarantee this. This is a tremendous achievement for us as it’s the culmination of something we’ve been working towards for many years.
Our aim is to be the most socially responsible bank in Australia – it’s something that’s very important to us and we know it’s also very important to our members.
We are also the only Australian company to have been recognised by the Ethisphere Institute as one of the World’s Most Ethical Companies every year since 2014*.”
What the ethical certification means
Teachers Mutual’s wholesale STDs were certified as ethical by the RIAA according to the strict operational and disclosure practices required under the Responsible Investment Certification Program. It also excludes investments in 14 different categories including tobacco, gambling, armaments, fossil fuels or any large-scale greenhouse polluting activities.
Pioneering ethical investment – the journey
- $500m Debt Issuance Programme (DIP) for wholesale investors: September 29, 2014. Certified Ethical Investment.
- Increase of $500m to the DIP for wholesale investors: November 26, 2018.
Certified Ethical Investment (size of DIP now $1 billion).
- All new retail mortgages and deposits: December 1, 2018.
Certified Responsible Investment.
- All new Wholesale Short Term Deposits: August 2019.
Certified Ethical Investment.
*‘World’s Most Ethical Companies’ Award, from Ethisphere Institute. (Awarded 2019, 2018, 2017, 2016, 2015, 2014)
PR and Corporate Affairs
0417 312 902