Guiding principles
The prime focus of the Ecology Building Society is to promote an ecological approach to the built environment in the UK, and thereby foster sustainable communities. Any lending project that contributes to these aims is our concern. We regard our mutual status as a key means of promoting a more sustainable and equitable way of life.
Our principles inform our lending programme, our relationships with our customers, and how we conduct our business operations.
Mission statement
Ecological lending
Treating customers fairly
Operating a sustainable business
Mission statement
A building society dedicated to improving the environment by supporting and promoting ecological building practices and sustainable communities.
Ecological lending
Our lending is governed by the principle of sustainable development, defined as "improving the quality of human life while living within the carrying capacity of supporting ecosystems". Overall this allows us to engage in activities that promote, encourage or support the following objectives:
- the saving of non-renewable energy or other scarce resources
- the growth of a sustainable housing stock
- the development of building practices, ways of living or uses of land having, in each case, a low ecological impact
The environmental benefit of each potential loan underpins our lending decisions. Our lending programme includes the following:
Sustainable housing practices
- energy-efficient new residential dwellings (incorporating such features as timber-frames, high insulation, reclaimed materials, solar technology, water conservation etc.)
- renovation of derelict, deteriorated or redundant properties where possible encouraging the highest level of ecological building practices
- promotion of sustainable local building technologies such as cob, mud-block, straw bale
Sustainable lifestyles and economic activity
- small scale ecological industries or businesses such as recycling, organic farms, local shops
- co-operative living
- sustainable forestry and nature reserves
We will also consider:
- non-standard constructions
- sound properties in deprived neighbourhoods
- properties with agricultural restrictions (but only where other features of the project make it acceptable lending)
Our commitment to sustainable development also means we will NOT lend:
- for holiday homes, because of the impact on rural communities
- where intensive agricultural practices are to be employed
Treating customers fairly
Our mutual structure allows us to place the needs of our savers and borrowers at the centre of our business practice. This has led to the development of a number of principles that govern the service we provide to our members. Additionally, we are keen to ensure that we meet the Financial Services Authority 'Treating Customers Fairly' (TCF) initiative in all our day to day dealings and interactions with those customers. In adopting this TCF stance we are committed to continuing to provide our customers with fair treatment and value and we will demonstrate this in the following ways:
Savings
- we don't charge for the ordinary operation of a savings account
- all savings products are available to new and existing eligible customers
- we operate a minimum savings rate of 1% gross and pay interest on all balances, however low. Please note that this only applies to existing members' accounts opened prior to 6 April 2009.
- we don't wait for a cheque to clear before accruing interest, in fact, we pay interest on all funds on the day of receipt
Mortgages†
- we don't require any unnecessary life insurance cover
- all mortgage products are available to new and existing eligible customers
- our standard variable rate is set to provide long term value
- we don't use short term discounts to attract customers nor do we use the interest rates for existing members to subsidise the rates for new customers
General
- we ensure that all our TCF values are central to the way our staff deal with members
- we will treat you as an individual
- we will provide you with clear, jargon free information
- we will deal with any complaints promptly and fairly
Please let us know if you have any suggestions on how we could change things or if there are any products or services that you think we should consider offering.
†See also Information for Borrowers with Payment Difficulties (PDF*, 63K) in the Mortgage literature section.
Operating a sustainable business
An environmental audit (PDF*, 58K) is conducted each year and the Society's Environment Policy (PDF*, 56K) reviewed. We seek to use items that come from renewable sources, assess materials for the minimal use of resources and install equipment that minimises the use of energy. In the day to day running of the Society, we seek to reduce energy and water usage, and the generation of waste. We use exclusively green electricity, have offset the carbon emissions since creation in 1981, and have committed to an on-going programme with local environmental groups to account for future emissions.
In our treasury operations, we avoid the use of banks that have a record of irresponsible lending which impacts on the environment.
Regarding remuneration, no one salary is to exceed five times the lowest full-time salary paid.
Our new head office (PDF*, 50K) was designed to have an airtight structure, high levels of insulation and low energy requirements.
Photovoltaic panels have been installed to generate electricity from the sun. Windows are double glazed I Plus argon filled, to improve heat retention. A heat exchanger and a high-efficiency condensing boiler have been installed.
The materials used are as far as possible from renewable sources, recycled or of low toxicity. The sedum nature roof serves to replace bird and insect habitat. A rain water harvesting system provides the water to flush the toilets and to water the roof.
The landscaping surrounding the office has also been developed on the principles of sustainability - minimising environmental impact, amplifying biological diversity, yet remaining low maintenance. The original design documents (PDF*, 1.5MB) describe the process from concept to implementation and detail the plants that have been used in various parts of the gardens.