Ecology in call for ‘green’ leadership

Mutual plea as it reports a strong performance

THE ECOLOGY Building Society said it recorded a strong performance last year, despite the uncertainty caused by the pandemic.

The society is also calling on the Government to provide “clear and consistent” leadership to reduce climate change and encourage sustainable developments.

The Ecology, which is celebrating its 40th anniversary, provides mortgages for properties and projects which follow ‘green’ building practices.

The Silsden-based mutual has announced an increase in total assets of 14.13 per cent to above £200m for the first time and a 9.43 per cent increase in mortgage assets for the year ending December 31, 2020.

In a statement, the society said: “This is a strong and resilient performance against the backdrop of the economic slowdown caused by the pandemic and the effective closure of the property market during the first lockdown combined with the unprecedented low level of the Bank of England base rate.

“The society ended the year with strong levels of new lending and begins 2021 with a record pipeline of sustainable lending prospects supported by an enhanced capital position, strong inflow of funds and membership growth generated by the increasing awareness of climate and ecological issues.

“This provides Ecology with an excellent platform for growth as the crucially important green recovery gathers pace.”

Ecology offers a range of ethical savings accounts which fund mortgages for properties and projects supporting individuals and communities to adopt green building practices and improve the energy efficiency of the UK’s housing stock.

While impacted by the unprecedented low interest rate environment and higher impairment provisions, the society said it continued to invest in digital and operational capability with profits above expectation at £0.524m,

compared with £1.073m the year before.

Chief executive Paul Ellis said: “’These results mark another strong year of sustainable growth for Ecology demonstrating, more than ever, the resilience of our lending model and the importance of finance that has a positive impact for people and our planet. 2021 is a special year for Ecology as we mark our 40-year anniversary of pioneering sustainable finance.

“Our members can continue to be assured that Ecology is at the heart of the drive to deliver the vital green recovery.”