Community Sector Banking thriving

Community Sector Banking "now provides banking services to more than 8600 organisations and is growing at a rate of 15 per cent a year", executive director Peter Quarmby declared in a media release yesterday.

Community Sector Banking is 50 per cent owned by Community 21 and 50 per cent owned by Bendigo Bank. Half a dozen NGOs line up with Community 21 in a consortium of entities including Oxfam Australia, ACOSS, Scope, Ozchild "and a number of other not-for-profits." Community Sector Banking donates half the net profits from the 'Social Investment Deposit Accounts' offered through Bendigo to social projects and community investments.

Community Sector Banking's "balance sheet is now pushing A$1 billion," Quarmby said.

Quarmby outlined the data in a media release urging Australia's banking system to "wake up to its own clout and power."

Quarmby said banks needed "a further shake up."