CO-OPERATIVE BANK AND EIB IN £20M HOME ENERGY BOOST

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CO-OPERATIVE BANK AND EIB IN £20M HOME ENERGY BOOST Thousands of the UK's poorest households got a £20m (€32 million) boost today (8 January, 2003) when The Co-operative Bank and the European Investment Bank concluded a global loan arrangement. The money will be used by The Co-operative Bank to help local authorities and housing associations finance small scale energy efficiency schemes designed to reduce costs for those spending disproportionately on home heating bills. The Government's Affordable Warmth programme aims at improving the heating standards in over one million households in the UK by the end of 2007 and reducing excessive household spending on energy, by financing improved home insulation and modernising old and inefficient heating systems. Amongst the first to benefit from this loan arrangement will be Dundee City Council, which has agreed a £4.5m deal over the next 18 months to install new energy efficient boilers and insulation in 2,500 council homes. It is estimated that 4.5 million UK households are spending a disproportionate amount of their income on home heating. The Affordable Warmth programme is being organised by Transco, the regulated national gas network operator in co-operation with UK local authorities, Housing Associations, banks and leasing houses. The Co-operative Bank's Chief Executive, Mervyn Pedelty, said: "We are delighted to be working with the EIB to support the Government's drive to reduce fuel poverty. The Co-operative Bank is the leading banker to the local authority sector and so perfectly placed to utilise this EIB funding." EIB Vice President Peter Sedgwick said: "Many of the projects being targeted by the Co-operative Bank will be located in the UK's regional development areas, a priority for EIB lending. Overall, the energy efficiency investment under the UK's Affordable Warmth initiative will contribute to economic development and the more rational use of energy. Efficiently heated homes will help improve health and living standards, particularly as housing standards in assisted areas tend to be generally poorer. The scheme will also have beneficial spin-offs in terms of job creation and help meet the UK's targets for the reduction of CO2 emissions." Ends 8 January, 2003 For further information contact: Dave Smith/Paul Lawler The Co-operative Bank Press Office Tel: 0161 829 5522 Fax: 0161 839 4220 e-mail: press.office@co-operativebank.co.uk ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/01/08/20030108BIT00220/wkr0001.doc http://www.waymaker.net/bitonline/2003/01/08/20030108BIT00220/wkr0002.pdf

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