Risk of harmful investments with Deutsche Bank

The risk of a harmful investment with Deutsche Bank is very high. Hopefully the risk of harmful investments will be reduced drastically by Deutsche Bank in the near future.

Explanation of the Deutsche Bank ranking

Deutsche Bank has no thorough policy regarding the environment or the arms sector. This policy is evaluated as insufficient for the following reasons:

• Unclear and insufficient criteria: a lot of harmful investments are still possible. Deutsche Bank does not make clear which investments can or cannot be accepted;
• Limited applicability: The policy is only applicable to provided financing, not to for instance their investment funds.
• Unclear application: Deutsche Bank does not show how the policy has affected the practice of the bank. It is never stated which investments are allowed and which are refused.

Deutsche Bank does not have a public policy regarding labour rights or freedom & democracy. This lack of policy is naturally insufficient.

The risk of a harmful investment with Deutsche Bank is very high. Hopefully the risk of harmful investments will be reduced drastically by Deutsche Bank in the near future.

Examples of harmful investments by Deutsche Bank

In July 2006, Deutsche Bank participated for an amount of € 20 million in a € 336.1 million revolving credit to Freeport McMoran and PT Freeport Indonesia, its operating unit in Indonesia. Freeport releases 230,000 tonnes of polluted rubble into the local river system each day. Opponents of the mine are treated harshly by the military forces bribed by the company.

The HidroAysén hydropower project is a joint venture between the Chilean companies Colbún and Endesa Chila. At the end of 2008, Endesa Chile had longterm debt of € 39 million outstanding with Deutsche Bank. The HydroAysén project plans to construct 5 hydroelectric centers with dams which will displace families, threaten critically endangered species and disrupt sustainable income to Patagonia’s local communities.

In June 2006, Deutsche Bank participated for an amount of € 86 million in a € 1.42 billion revolving credit to Suncor Energy. In March 2008, this was replaced by a € 2.26 billion revolving credit, in which Deutsche Bank participated for a sum of € 162 million. Suncor Energy is one of the largest companies in the Canadian tar sands industry. Oil extracted from tar sands has a disastrous impact on the environment.

June 2009: Deutsche Bank owns or manages shares in:

• Total – US$ 1002.03 million: Total works with the Burmese military dictatorship to extract gas from the Yadana gas field. The project is the largest source of income for the military dictators. The laying of the pipeline in Burma has been achieved as a result of forced labour, murder and torture.
• Wal-Mart – US$ 95,45 million: The US supermarket chain Wal-Mart breaches the most basic labour rights both in its stores and in its suppliers.
• Freeport McMoRan – US$ 95,45 million: Freeport McMoRan, that operates the Grasberg mine in Papua. Freeport releases 230,000 tonnes of polluted rubble into the local river system each day. Opponents of the mine are treated harshly by the military forces hired by the company.

More harmful investments by Deutsche Bank and other banks check www.banksecrets.eu