mines action canada january 2010. the problem with cluster bombs 98% of cluster bomb victims are...
TRANSCRIPT
Mines Action Canada
January 2010
The problem with cluster bombs
• 98% of cluster bomb victims are civilians.
• Cluster bombs have an unacceptably high failure rate. Unexploded bomblets become de facto landmines.
• Cluster bombs are indiscriminate. They do not distinguish between military targets and civilian infrastructure like schools, farms or market areas.
www.minesactioncanada.org
Cluster bombs and money
• Despite this, cluster bomb producers do not have any problem attracting capital from financial markets.
• Canadian banks are implicated in providing financing to cluster bomb producers.
• This is mostly indirect assistance through participation in international banking syndicates.
www.minesactioncanada.org
Canadian banks and cluster bombs
• In March 2005, Raytheon, a cluster munitions producer, secured a $2.2 billion five year revolving credit facility from an international banking syndicate.
• Thirty banks participate in this syndicate, including Bank of Nova Scotia.
www.minesactioncanada.org
Canadian banks and cluster bombs
• In March 2005, Textron secured a $1.25 billion five year revolving credit facility from an international banking syndicate.
• 19 banks participate in this syndicate, including Bank of Montreal and Bank of Nova Scotia.
www.minesactioncanada.org
Canadian banks and cluster bombs
• In July 2005, EADS (a cluster munitions producer in the Netherlands) renewed a £3 billion seven year revolving credit facility from an international banking syndicate.
• Thirty six banks participate in this syndicate, including Royal Bank of Canada and Toronto Dominion.
www.minesactioncanada.org
Canadian banks and cluster bombsWho’s investing and how much?
€ 45 million
Not implicated
$115 million USD€ 45 million$ 45 million USD
www.minesactioncanada.org
What MAC is doing to make sure your investment doesn’t bomb
• National disinvestment campaign with the goals of- Having all Canadian
banks clarify their positions on providing financing—indirectly or otherwise—to cluster munition producers
- Educating the financial community on the impacts of victim-activated weapons and the need to ban their production
www.minesactioncanada.org
What MAC is doing to make sure your investment doesn’t bomb
• Researching and verifying involvement of Canadian financial institutions in funding cluster munition producers.
• Producing a report on the state of Canadian investment in cluster munition producers.
www.minesactioncanada.org
What MAC is doing to make sure your investment doesn’t bomb
• Advocating for the strongest possible interpretation of banning “assistance” in the production of cluster bombs.
www.minesactioncanada.org
What can you do to make sure your investment doesn’t bomb?
• Write a letter to your bank. – Ask them to clarify their
policies on investing in producers of cluster bombs.
– Let them know you do not want your money financing weapons that pose unacceptable risks to civilians and are banned by the Convention on Cluster Munitions.
• Tune into January’s webcast with the Global Disinvestment Coordinator for the inside scoop!
www.minesactioncanada.org
What can you do to make sure your investment doesn’t bomb?
• Invest in a world free of cluster bombs and landmines by supporting MAC.– Organize a Monopoly, Payday
or Life tournament. Charge an entrance fee or ask players to donate a portion of their game winnings in real funds!
– Gather a group of friends or classmates and auction off your goods and services (e.g. one hour of snow shoveling, babysitting for an evening, music lessons). Donate the proceeds to MAC.
www.minesactioncanada.org