Catholic bank buys heavily into birth control

Malaysia Sun Sunday 2nd August, 2009

A Roman Catholic bank in Germany has admitted dealing in shares attached to companies that make contraceptives.

The bank also invested in arms and tobacco companies.

Germany’s Der Spiegel newspaper accused the Pax Bank of investing 160,000 euros in American birth control pill maker Wyeth, 870,000 euros in various tobacco companies and 580,000 euros in British arms company BAE Systems.

Pax Bank has apologised for what it has a described as unethical behaviour in buying the shares which became part of a fund that had been advertised by the bank as an ethical investment.

The advertising specifically said the bank would avoid arms and tobacco companies along with organisations that do not adhere to Catholic beliefs, including contraception, which has been banned by the Catholic Church since 1968.