A general meeting of the Taller Escola Barcelona cooperative holding company approved the 2nd TEB bond issue on 4th June this year. The organisation has also taken a step forward in its commitment to ethical, cooperative finance and has organised this issue through its account with Fiare Banca Ètica.
At the meeting, Jordi Ibáñez of Fiare´s development team in the Mediterranean region outlined the origins of this experiment in ethical banking,resulting from a merger of two projects based on ethical finance: Banca Popolare Etica, a cooperative bank which had been working in Italy since 1999, and Fiare,which has operated in Spain since 2005. Ibáñez explained that work is in progress to set up all the necessary structures so that in the near future both private individuals and companies and other organisations can carry out a full range of banking operations in line with the principles of transparency,participation,democracy and a right to credit.
The second TEB bond issue is through Fiare Banca Ètica
TEB bonds have enabled the TEB Cooperative Group to diversity its sources of finance and offer families a better financial return on their savings.With savings bonds and also through expansions of capital,the group of cooperatives cut its financial costs by 20% in 2014.
The second issue of TEB bonds earns interest at an annual rate of 2.75%,maturing at three years.The cooperative offers liquidity,as it undertakes to redeem the bonds, which are also callable,ensuring that their holders will recover their investment.Each member can purchase up to 100 bonds,equivalent to 50.000 euros; the minimum purchase is one bond,for a value of 500 euros.
If you would like to find out more you can watch the report by the TEB Vist team on the TEB bonds.