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Equator Principles - "New report sees both progress and serious challenges"

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Article
6 June 2005

[PDF] Unproven Principles - New report sees both progress and serious challenges at 2nd Anniversary of Equator Principles

Author: BankTrack

The Equator banks have improved their record in implementing and applying the Equator Principles, but public reporting remains problematic and their effect on the ground is unclear...The report...notes positive developments, such as the decision of six banks – ABN AMRO, Barclays, Citigroup, HSBC, JPMorgan Chase, and Westpac – to expand the scope of EPs to transactions that fall under the $50 million threshold, and/or to certain corporate loans...The Statement [by BankTrack member organisations] asserts that key project finance banks, such as BNP Paribas, Societe Generale and Sumitomo Mitsui Banking [part of Sumitomo Group] that continue to opt out of the EPs are out of touch with public expectations...BankTrack has welcomed...HSBC’s freshwater policy which is based on World Commission on Dams recommendations, and the weapons financing policies of KBC, ING, Dexia and Fortis.

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