Download ppt - Mines Action Canada January 2010. The problem with cluster bombs 98% of cluster bomb victims are civilians. Cluster bombs have an unacceptably high failure

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.


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.



• 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.



• 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.


Canadian banks and cluster bombsWho’s investing and how much?

€ 45 million

Not implicated

$115 million USD€ 45 million$ 45 million USD


http://www.tdcanadatrust.com/index.jsp

http://scotiabank.com/cda/index/0,,LIDen,00.html

http://www.cibc.com/ca/

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



• 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.



• Advocating for the strongest possible interpretation of banning “assistance” in the production of cluster bombs.


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!


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.
