Deposits with Unity are safe and secure and our corporate governance is undertaken with the highest standards and adherence to our socially responsible principles:
- Unity has a very strong liquidity position and therefore does not need to borrow money from the inter-bank markets or from any other organisation to fund its day-to-day activities. We are not impacted by the difficulties that some banks have been facing from the lack of liquidity in this market. It is also the reason that we have not had to purchase a credit rating from a third party rating agency. Such ratings are required to facilitate inter-bank borrowing, and as Unity does not borrow money from other banks, we do not require a credit rating.
- Unity has never traded in sub-prime investments or the complex financial instruments that have resulted in difficulties from many organisations. Indeed, this is outside of both our corporate and social responsibility policies. As such we are unaffected by events in these markets.
- Unity shares are not traded on any exchange and we are not therefore affected by the actions of speculators on various exchanges, or on market sentiment that has resulted in huge share price movements.
- Unity funds its banking business entirely from shareholder capital and customers’ deposits. Our shareholders are long term investors, having owned the bank since formation. Many of our shareholders are also customers and the comfort and stability provided by owning and controlling the bank means that we do not have a volatile deposit base. This is reflected by the fact that many social economy organisations have chosen Unity as a socially responsible bank, exercising good stewardship of their funds.
- Unity is a bank specialising in the provision of banking services to charities, voluntary organisations, social enterprises, trades unions and other not-for-profit organisations. This business is less volatile than that undertaken by many UK banks and as such has not been impacted to any material degree by some of the situations faced by other banks.
- Unity has a full banking licence, is regulated by both the Financial Conduct Authority and the Prudential Regulation Authority and is a member of the British Bankers Association. Our business is conducted according to regulatory codes and subject to due supervision. Our eligible depositors are covered by the Financial Services Compensation Scheme –www.fscs.org.uk
We hope that you can take reassurance from the above statements and our clear capability to deliver will maintain your confidence in Unity.