6. Scottish financial institutions financing nuclear weapons

This section contains information about the Scottish financial institutions that invest in nuclear weapons producers drawn from the 2018 DBOTB Report (Maaike Beenes and Susi Snyder, “Don’t Bank on the Bomb: A Global Report on the Financing of Nuclear Weapons Producers”, PAX (March 2018).

The report’s Hall of Shame lists significant investments* made by financial institutions in the world’s top 20 nuclear weapons producing companies between 2014 and 2017. The report covers financing provided by banks, pension funds, insurance companies and asset management companies in the form of loans, credit facilities, the owning or managing or shares and bonds and assistance with share and bond issuances.

Two Scottish financial institutions feature in the Hall of Shame: Royal Bank of Scotland Group and Standard Life Aberdeen, who between them made over £2.8 billion available to 15 of the top 20 nuclear weapons producers between 2014 and 2017. The report also shows that Lloyds Banking Group, which includes Bank of Scotland and has a registered headquarters in Edinburgh, made £1.9 billion available to 12 of the top 20 companies during this period.

The report’s Hall of Fame highlights financial institutions with comprehensive policies prohibiting any financial involvement with nuclear weapons producers, while the “Runners-up” category includes financial institutions that have a policy which is not comprehensive, such as RBS Group (see section 6.1.1).

A note on the figures in this section: Figures in this section are approximate as they were converted to GB pounds from the US dollar amounts in the 2018 DBOTB report, which are rounded to the nearest million. We used the exchange rate as at 31 March 2018: 1 USD = 0.713637 GBP.

*Significant is defined as providing loans, investment banking or holdings above a threshold of 0.5% of all outstanding shares or bonds.