Credit Guides And Credit Services

For Immediate Release
September 13, 2002

Credit Pacific Service Union Contacts: Kevin Koenig, Amazon Watch (310) 420-8245
Bruce Rich, Environmental Defense (202) 387-3500
Robert Goodland, RbtGoodland@aol.com

Halifax and Bank of Scotland (HBOS) has cut back on its introductory credit card offers in a move which may threaten the future of zero per cent interest deals.

Credit First Service Union WASHINGTON, DC -- Environmental groups in Germany and the US released a new report today that provides conclusive evidence that the German Bank Westdeutsche Landesbank (WestLB) violated its own policies in loaning $900 million to the OCP Consortium building Ecuador's new heavy crude pipeline. The independent report written by Robert Goodland, former Chief of the Environmental Department of the World Bank, found, ''substantial non-compliance with all four applicable WBG's [World Bank Group] Social and Environmental Safeguard Policies.'' Specifically, the report found violations of World Bank Operational Policies on Environmental Assessment, Natural Habitats, Involuntary Resettlement, and Indigenous Peoples.

Bank of Ireland (GB) credit cards Get all the information you need on Bank of Ireland (GB) credit cards View Bank of Ireland (GB) credit cards

Card Credit Mobile Service Kevin Koenig of Amazon Watch notes that ''the findings are of great significance because WestLB is the lead arranger of $900 million in syndicated loans for the project and has publicly stated that compliance with World Bank environmental guidelines is an 'indispensable condition for any financial engagement' with OCP.''

TravelNow.com uses an outside a credit card processing company and bank check processing company to bill users for goods and services.

Card Credit Discover Service Bruce Rich of Environmental Defense adds, ''The report's findings raise serious questions whether project finance can continue since WestLB's loan contract with OCP is conditioned on adherence to World Bank standards.'' The Goodland report sharply criticizes the findings of a report commissioned by WestLB in May 2002 in which consulting firm Stone and Webster gave the project a false green light by falsely claiming compliance with World Bank Policies. In some cases the Stone and Webster report even misidentifies what the relevant WBG policies are.

The Bank of Ireland has traded for more than 220 years, making it one of the world’s longest established banks. It has assets of almost £50 billion and more than 16, 000 staff. The Bank is a major provider of financial services in Ireland and Britain. Recently the UK operations were brought together as one unit – the Bank of Ireland UK Financial Services – offering bank accounts, mortgages and Bank of Ireland credit cards.

Credit Public Service Union The author, Dr. Robert Goodland, is a tropical ecologist who played a lead role in authoring most of what are now called the World Bank ''Social and Environmental Safeguard Policies'' during his quarter century serving the World Bank Group, namely Environmental Assessment, Natural Habitats, Indigenous Peoples, and Cultural Property Policies. Research for the report was conducted on site in Ecuador in August of this year.

Studies indicate that over 6, 000 banks and other financial institutions offer credit cards in the U.S.

Card Credit Processing Service WestLB's financing of the controversial pipeline has sparked public outrage in the German state of North Rhine Westphalia (NWR), which holds a 43 percent stake in the bank and has held parliamentary hearings on the project and sent several delegations to Ecuador to tour pipeline construction.

Center Credit Service Union The pipeline would transport heavy crude from the country's rainforest region to the Pacific Coast, doubling oil production in the Ecuadorian Amazon. It will traverse seven national parks and protected areas, including a World Bank Global Environment Facility biodiversity reserve. The Goodland report documents major threats to biodiversity and indigenous peoples as well as major violations of World Bank policy on resettlement of affected populations. The report is just the latest in a series of setbacks for the project.

Card Credit Service Wireless The pipeline, shelved for over ten years due to opposition, has been riddled with problems since construction began in 2001. Former OCP President Hernan Lara resigned in August of this year after facing sustained protests from environmentalists and affected communities. Industry estimates show that due to delays from environmental and social controversies, the OCP is nearly $200 million over budget.

Credit Security Service Union According to government sources, the majority of Amazon crude that will flow through the OCP pipeline is destined for markets on the West Coast of the United States. The OCP Consortium includes: Alberta Energy - Encana (Canada), Occidental Petroleum (OXY- USA), AGIP (Italy), Repsol-YPF (Spain), Perez Compaanc (Argentina), and Techint (Argentina). Citibank and JP Morgan Chase have also come under fire for their financial role in the project.

###

[ Comment, Edit or Article Submission ]