Cologne - "Pecunia non olet (money does not smell) - true to this insight from the Roman era, the Catholic Pax-Bank Köln procedures. She has money fund invested in companies whose products oppose the Christian ethics of the financial institution.
These include contraceptives, arms and tobacco companies.
Thus, the bank that maintains a representative office since 2001, also near the Vatican, created according to Der Spiegel in March converted into securities of € 158 867 of the U.S. pharmaceutical and anti-baby pills producer Wyeth.
And even though the Catholic Church - and above all Pope Benedict XVI. - Artificial contraception, and strongly opposes publicly castigated.
In addition, the investment fund launched by the bank with € 577 970 in the arms giant BAE Systems, which makes his business with the production of nuclear submarines, missile systems and fighter aircraft.
In addition, the Bank, its supervisory board chief of the Cologne Cathedral Provost Norbert Feldhoff has is held shares of tobacco companies British American Tobacco and Imperial Tobacco for 870 950 €.
All investments, according to the identity of the Catholic bankers really should not be made. The policy is subject to a code of ethics.
What this means, the Pax-Bank explains on its website Literally, it says under "Ethical Investment".
"Behind this first line in funds that promote specific environmental and social purposes and to exclude from investment areas such as armaments tion, pornography, child labor, alcohol, tobacco, gambling and the like."
Under the heading of "ethical investments" the pious banker make clear: "Not only the return on an investment is crucial. Many investors want to ensure that not only purely economic aspects are crucial ... "
The bank admitted their "sins of one." "We regret this and will immediately correct the error on Monday, without the customer develops a disadvantage," promised chief executive Christoph Bernsdorff. The operating business engaged, the Union Investment. "But our control, that is have slipped by that we are sorry."
Read also: More info on the Pax-Bank>
