In its new briefing paper ‘Explosive Investments’ Netwerk Vlaanderen reveals the results of its  research into the financing of six cluster munition producers like Lockheed Martin, Thales and Raytheon. Sixty-eight financial institutions have been found to play a role in the financing of these companies.

Recent research conducted by Netwerk Vlaanderen has revealed that Belgian banks that offer sustainable investment products invest less of this money in arms producers than foreign banks operating on the Belgian market. The research also revealed significant differences between Belgian banks.

The Launch
In October 2006, a mysterious bank introduces itself on the Belgian market. The bank claims to be the initiative of a major financial group which doesn't want to reveal its identity yet. ACE bank is a bank with a clear policy: maximum profit, no scruples. Sick of the growing pressure for 'politically correct' investments and sustainability, this new kid on the block goes full out for controversial investments. ACE bank specialises in investments in the arms industry, oil and gas sector, nuclear power, agrochemicals and companies that violate their workers' rights.

Since the spring of 2006, Belgium is the first land to introduce a ban on cluster munitions. Despite this, the bank groups AXA, Dexia, Fortis and ING invest in cluster munitions. This has been revealed today in a new report ‘Explosive portfolios’ published by Netwerk Vlaanderen. Although pressure from the campaign ‘My Money. Clear Conscience?’  forced four bank groups to announce their withdraw from investments in cluster munitions, it is apparent that only KBC has completely ended its investments. Meanwhile this summer Israeli use of cluster munitions in Lebanon has been the starting shot for a new humanitarian disaster.