Certified Responsible Investment retail products – mortgages and deposits
The Certification of retail mortgage and deposit products at Teachers Mutual Bank Limited (‘the Bank’) is by the Responsible Investment Association Australasia (RIAA). These are listed on RIAA’s Responsible Returns website.
Retail mortgages and deposits have been certified by RIAA according to the strict operational and disclosure practices required under the Responsible Investment Certification Program. See www.responsibleinvestment.org for details.
Certified Mortgage products
A RIAA Certified Responsible Investment Mortgage product is available to members of Health Professionals Bank. When members obtain a mortgage from the Bank they are accessing funds that are mostly (approximately 80%) sourced from member and customer deposits, plus wholesale funds certified ethical by RIAA, and funds from other mutuals, credit unions, other banks, community groups and Government. These amounts vary on a daily basis but are approximately 97% of the liabilities on the balance sheet . Members’ mortgages are from a personal bank with socially responsible strategies that apply to all products.
Certified deposit products
A RIAA Certified Responsible Investment Deposit product is available to members and customers of Health Professionals Bank. When members or customers deposit funds with the Bank, these are all subject to specific social responsibility exclusion criteria when providing credit. Deposits are mostly (>80%) loaned to individual members for residential mortgages, with the remainder as cash and deposits. These amounts vary on a daily basis but are approximately 97% of the assets on the balance sheet. Members’ and customers’ deposits are with a personal bank with socially responsible strategies that apply to all products.
$1 billion Certified Ethical Investment
Teachers Mutual Bank Limited’s (‘The Bank’) $1 billion Debt Issuance Programme (DIP) for wholesale investors is a Certified Ethical Investment by the Responsible Investment Association Australasia (RIAA).The cash proceeds raised are used to fund The Bank’s balance sheet. The Bank is an issuer of Certified Ethical Investment product, and is as at 22 January 2019 the only bank in Australia with a certified ethical wholesale cash product.
Find out more about responsible investment and RIAA certification