On 9th March the general meeting of the TEB Cooperative Group is to hand over the savings bond certificates issued by the cooperative holding company Taller Escola Barcelona to the 60 families who have purchased them. These “Compromisos TEB” represent a step forward in promoting ethical, social and cooperative finance for the group, with two goals:
1) To diversify sources of finance and give the cooperatives in the group access to financial resources at interest rates lower than on the market so that they can undertake new projects.
2) To foster ethical saving by families, who, as well as getting a better financial return, know that their money is used to generate employment and better services for people with mental disablement.
This first issue of “Compromisos TEB” bonds for 300,000 euros carries annual interest of 3.75% and matures after three years. The cooperative offers liquidity, as it promises to repurchase the bonds, which are also callable, so guaranteeing that their holders will get their money. Each member could purchase up to 20 bonds, worth 10,000 euros, and a minimum of one bond, worth 500 euros.
We invite you to watch the report by the TEB Vist team on the “Compromisos TEB”