Stop your bank funding cluster bombs

Stop Explosive Investments - Are you funding cluster bombs?

A report released by Cluster Munition Coalition members IKV Pax Christi (Netherlands) and Netwerk Vlaanderen (Belgium) has found that 138 financial institutions worldwide still provide over $20 billion to the producers of cluster bombs.

The report’s findings show that in the UK, 15 banks and financial institutions are investing in cluster bomb producers. Barclays, HSBC and the Royal Bank of Scotland, between them provide loans and investments to the tune of some £800 million. This means that some of the UK’s most prominent high street banks are providing some form of financial support to these shamefull and indiscriminate weapons.

This is an action in support of the Cluster Munition Coalition’s disinvestment campaign which is supported in the UK by Amnesty International UK, Handicap International UK and Landmine Action.

Watch a clip about the effects of cluster bombs on civilians

This clip is an extract of the film 'Unacceptable Harm' by the Cluster Munition Coalition.

Background information

Cluster bombs have killed and injured thousands of civilians during the last 40 years and continue to do so today. They cause widespread harm on impact and continue to remain dangerous, killing and injuring civilians long after a conflict has ended. One-third of all recorded cluster munitions casualties are children.

Cluster bombs have been banned under the landmark 2008 Convention on Cluster Munitions, signed in Oslo in December 2008. So far 103 countries have signed the ban, including the UK, and 24 have ratified it. Six more countries must ratify to reach the threshold of 30 that will trigger entry into force six months later. Among the 103 countries that have signed the ban, the UK has the highest number of banks that are still investing in cluster bomb producers.

The treaty stipulates that States Parties to the treaty will not in any circumstance use, produce, stockpile or transfer these weapons, nor assist or encourage any activity prohibited under the convention. In October 2008, the UK government introduced new arms trade laws prohibiting the trade in cluster munitions. Crucially this law also included a ban on the provision of financial services to any activity associated with the trade in these weapons. In light of these commitments, we do not believe that UK banks and financial institutions should in any way provide financial support that could assists the continued production and development of these horrific and outlawed weapons.

This is an action in support of the Cluster Munition Coalition’s disinvestment campaign which is supported in the UK by Amnesty International UK, Handicap International UK and Landmine Action.

Watch a clip about the effects of cluster bombs on civilians

This clip is an extract of the film 'Unacceptable Harm' by the Cluster Munition Coalition.

Send the appeal letter below to your bank's Chief Executive to stop investing in cluster bombs. Please feel free to edit the letter and use your own words.

If you are NOT a customer of Barclays, HSBC or the Royal Bank of Scotland please still take the action but edit your letter accordingly.

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John Varley - Barclays Bank Chief Executive

Michael Geoghegan - HSBC Bank Chief Executive

Stephen Hester - Royal Bank of Scotland Chief Executive

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As a customer of your bank, I am writing to you out of deep concern that you may be investing in producers of cluster bombs and in doing so may also breach your commitments under the UN Global Compact and under your own social responsibility policies.

A recent report released by Netwerk Vlaanderen and IKV Pax Christi finds that

- Barclays is the 4th largest provider of loans to cluster bomb producers totalling $274 million USD 
- HSBC provides the largest amount of investment banking services to cluster bomb producers totalling $657 million USD
- RBS has provided loans to cluster bomb producers totalling at least $64 million USD

A cluster munition is a weapon that can contain up to several hundred small explosive submunitions. Dropped from the air or fired from the ground, cluster weapons scatter these submunitions randomly over a wide area. Anyone within the strike zone is likely to be torn apart. Many submunitions fail to explode as intended, leaving behind huge quantities of de facto landmines which continue to kill and injure for years, even decades after use. Tens of thousands of civilians have been killed and injured by these horrific weapons, particularly children.

The international community made an historic stand against these indiscriminate weapons by signing the Convention on Cluster Munitions in December 2008.  Parties to the treaty can not under any circumstance use, produce, stockpile, or transfer these weapons and the treaty contains clear prohibitions on any acts that will facilitate these actions. The UK has joined with 103 Governments to sign the Convention banning these weapons. In October 2008, the UK introduced new laws banning the trade in cluster bombs, including prohibitions on the provision of financial services. I consider it totally unacceptable that UK financial institutions provide financial support that could in any way fund the continued production of cluster bombs.

I call on you to end any investments in institutions and organisations involved in production of cluster munitions as soon as possible. Moreover, I urge your company to implement a transparent and comprehensive policy to ensure that your company will avoid any further investment in companies which produce, export, trade or otherwise transfer cluster munitions, until they guarantee to cease all involvement in these illegal weapons. I am sure you will share my contempt for these weapons and wish you will do all that you can to ensure that your institution does not provide any financial support that could be used to fund cluster bombs.

I look forward to your reply.

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Stop your bank funding cluster bombs

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