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co-operators
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- Delivering products and services to the Co-operative movement
- Co-operation among co-operatives
- Launch two smile branded, co-operative supplied, businesses in 2001. TARGET ACHIEVED
- As per the recommendations of the Co-operative Commission, contribute to the development of social and economic
indicators, and a reporting methodology, which is applicable across the Co-operative movement.
ACCEPTABLE PROGRESS
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performance and commentary
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Products and services
Retailer Financial Services: A Retailer Financial Services
Steering Group was established in July 1998 to identify
opportunities for the distribution of financial services to retail
customers within the UK Co-operative movement. The
Steering Group includes representation from the bank,
Co-operative Retail, the Co-operative Insurance Society (CIS),
Travelcare and many Co-operative retail societies. The Retailer
Financial Services (RFS) project has already completed a
number of initiatives, including the installation of 650 cash
machines in Co-op stores and the introduction of a Co-op
Instant Access Savings account, a Co-op Cash Mini ISA and
Co-op Direct Loans. In partnership with the Co-operative
Group, the bank launched a new Co-op Visa credit card in
September. The card is being introduced to customers of
Co-operative Group nonfood stores. Customers are able to apply in store
for the credit card and receive an instant decision on their application. In partnership
with CIS, the bank promoted the CIS Stakeholder Pensioni to
the bank's corporate customers.
smile During 2001, smile launched several co-operative
and smile co-branded, co-operative supplied businesses.
smile investii is an investment service offered by Co-operative
Bank Financial Advisers Ltdiii, offering access to over 450
different types of online funds. Visitors to the smile website are
also introduced to travel services from Travelcare and motor
insurance from CIS.
Co-operation among co-operatives In addition to
co-operation on projects to provide products and services,
the bank co-operates more broadly with the Co-operative
movement.
The Co-operative Foundation The Co-operative Commission
recommended that a Co-operative Foundation should be
established to complement and reinforce the impact of
individual co-operative organisations' community initiatives.
The Foundation will support projects which directly relate to
the principles and practice of co-operation and which help
translate the principles of mutual support and community into
practical action. In 2002, the bank will initially contribute
£500,000 to 'Co-operative Action', the new Co-operative
Foundation (follow this link for further details of Co-operative Action).
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| September 2001: launch of new Co-op Visa credit card. |
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Economic participation The bank's economic support for
co-operative enterprises in 2001 amounted to 8% of its overall
financial support for communities, as detailed on page 51.
Financial support includes donations, in order of value, to the
International Co-operative Alliance (ICA), the Association of
British Credit Unions Limited (ABCUL), Co-operative
Congress, the United Kingdom Co-operative Council (UKCC),
the European Association of Co-operative Banks, various
Credit Unions, the International Co-operative Banking
Association (ICBA), Woodcraft Folk and various regional
Co-operative and Mutual Councils. Research and a subsequent
report was commissioned by the bank and conducted by
Liverpool John Moores University. This report, 'Access to
Credit for Families on Low Incomes',iv provides considerable evidence
that families often suffer as a result of very expensive, and often
unregulated, lending in vulnerable communities. The report concludes
that credit unions could contribute to solving the debt cycle. This report is
further evidence of the bank's ongoing support for the credit union movement.
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| November 2001: publication of new research. |
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Links and time spent
During 2001, joint purchasing initiatives with the Co-operative movement have
continued to expand with the formation of a Group
Procurement Forum. Joint contracts now include mobile
phones, stationery, computer consumables, telephony
systems maintenance and security, with savings across the
Group in excess of £800,000. Other initiatives being reviewed
in 2002 include agency staff, fleet vehicles, printed items,
travel, furniture and cleaning. Following the tragic events of
September 11 and the subsequent downturn in the travel
industry, the bank arranged for ten Travelcare call centre and
retail staff to work temporarily in the bank's New Business
Centre. During the year, the bank's Chief Executive spent 47
days working with the Co-operative movement. The bank's
other executive directors spent 36 days working with other
co-operative organisations. In addition to the time spent
serving the bank's many co-operative customers, the bank's
senior managers collectively spent 896 days working with the
Co-operative movement during 2001. Their involvement, in
decreasing order of time spent, was with the Co-operative
Group (including Travelcare, Funeralcare and Syncro), CIS, the
Co-operative Union, the UKCC, the Co-operative Family Credit
Union, ABCUL, various Credit Unions (including Greater
Manchester Chapter of CUs and Dukinfield CU), Industrial
Common Ownership Finance (ICOF), Co-operative Congress,
Lancashire Co-operative Development Agency, the
Co-operative Law Association, the Confederation of Co-operative
Housing, Federation Brewery and various Co-operative and
Mutual Councils and Societies.
Development support Primarily, the bank supports co-operatives
based in the developing world countries through its support for
the International Co-operative Alliance (ICA). The ICA is an
international non-governmental organisation that unites,
represents and serves co-operatives worldwide.
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| Economic Secretary to the Treasury, Ruth Kelly MP, and the bank's Group Corporate Affairs Manager, Chris Smith, also
President of the Co-op Family Credit Union, at ABCUL's annual
conference in Blackpool.
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Key Social Performance Indicators (KSPIs) In response to
the Co-operative Commission's recommendationsv, a working
group on Social and Co-operative performance was convened
in June 2001 including the bank, CIS and the Co-operative
Group. Priority was given to the identification of KSPIs. This
has proved to be an extremely difficult brief, as co-operatives
come in many shapes and sizes, and it is likely that any
resulting short list of indicators will omit some key social
impacts. It is intended that a draft set of KSPIs will be
presented to the 2002 Co-operative Congress.
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The co-operative virtuous circle, as presented in 'the Co-operative Advantage', the Report of the Co-operative Commission. |
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- www.co-operativebank.co.uk/business/business_stakeholder.html
- www.smileinvest.co.uk
- www.cbfa.co.uk
- www.co-operativebank.co.uk/about/access_to_credit.html
- www.co-opcommission.org.uk
To follow any of the links mentioned within the Partnership Report 2001, please visit the links page.
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new targets
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- Help establish 'Co-operative Ventures' to support the development of Co-operative solutions in new sectors.
- Provide further support to Industrial Common Ownership Finance (ICOF) who provide loan finance to co-operatives,
employee-owned businesses and social enterprises.
David Dickman, Head of Co-operative and Sector Development
- Launch at least one new smile co-operative initiative in 2001.
Andy Corbett, Project Director, smile
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