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co-operators
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- Delivering products and services to the Co-operative movement
- Co-operation among co-operatives
- Help establish 'Co-operative Ventures' to support the development of Co-operative solutions in new sectors.
TARGET ACHIEVED
- Provide further support to Industrial Common Ownership Finance (ICOF). TARGET ACHIEVED
- Launch at least one new smile co-operative initiative in 2002. TARGET ACHIEVED
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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 included representation from the bank, the Co-operative
Retail Group, Co-operative Insurance Society (CIS), Travelcare
and a number of other Co-operative retail societies. The
Retailer Financial Services (RFS) project has led to a number of
initiatives.
- The installation of over 1000 cash machines in Co-op stores,
including some in remote locations not previously served by
cash machine networks.
- A joint venture partnership with the Co-operative Group
which resulted in the launch in May 2002 of an upgraded
Co-op Dividend Visa credit card i that can be used in over
25 million outlets worldwide. The Dividend earned on this
card is in addition to that earned using the Co-op Dividend
'loyalty' card in Co-op food stores. The total reward levels
are higher than any other supermarket's equivalent offering
and the reward can be redeemed for cash.
smile During 2002, smile enhanced the range of co-operative
and smile co-branded businesses offered through its
website. In January 2002, a link with 'co-opdrinks2u' ii was
launched to complement existing links to travel services from
Travelcare Direct.
Retail network Manchester branch refurbishment was
completed in early 2003. The branch now provides Banking,
Insurance and Travel Services from the Co-operative Group.
This will provide a model for future development of the
Co-operative Group 'family of businesses'.
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 Prime Minister, The Rt
Hon Tony Blair MP, officially launched Co-operative Action at
10 Downing Street in April 2002. The Foundation supports
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 made an initial contribution of £500,000 to
Co-operative Action.iii
- Industrial Common Ownership Finance (ICOF) ICOF
provides loan finance to co-operatives and social
enterprises. The bank has continued to support ICOF by
providing a Board trustee who works in partnership on
shared risk proposals. Agreement in principle has been
reached on an investment under the Government's
Community Investment Tax Credit Scheme.
- Co-operative Ventures The bank has supported the
formation of the New Ventures Panel which has met
throughout 2002. Sub-groups have been established to
identify new areas for co-operative endeavour. This has
included equity finance for co-operatives and expanding
student co-operatives into housing, transport and book
purchase. Other areas of research include nursery day-care,
childcare and residential care for the elderly.
Economic participation The bank's economic support for
co-operative enterprises in 2002 amounted to 23% of its
overall financial support for communities (2001: 8%), as
detailed on the Community section. The majority of this support is for
Co-operative Action (£500,000). Additional financial support
includes donations, in order of value, to the International
Co-operative Alliance, the Association of British Credit Unions
Limited (ABCUL), various Credit Unions, various regional
Co-operative and Mutual Councils, the European Association of
Co-operative Banks, Supporters Direct, the International
Co-operative Banking Association and Co-operatives UK.
Development support Primarily, the bank supports Co-operatives
based in developing world countries through its support for the
International Co-operative Alliance (ICA) iv. The ICA is an
international non-governmental organisation that unites,
represents and serves co-operatives worldwide.
Key Social Performance Indicators (KSPIs) In response to
the Co-operative Commission's recommendations v, 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 task of identifying KSPIs with
the intention of presenting a draft set to the 2003 Co-operative
Congress. The bank has led a small working party, including
Lincoln Co-operative Society and Oxford, Swindon and
Gloucester Co-operative Society, in the development of
these indicators.
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- www.co-op.co.uk
- www.co-op2u.com
- www.co-operativeaction.coop
- www.ica.coop/ica/index.html
- www.co-opcommission.org.uk
To follow any of the links mentioned within the Partnership Report 2002, please visit the links page.
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new targets
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- Working in partnership with Co-operatives UK, develop and deliver communications to bank staff on the wider Co-operative movement, enabling improved support for new and emerging Co-operative sectors.
David Dickman, Head of Co-operative and Sector Development
- Develop a mechanism to send information on the bank's products and services to newly registered Co-operatives.
David Dunn, Senior Manager, Public Sector and Community Development
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