Icelanders are hoping for banking with a conscience

Lars Pehrson from the Danish bank Merkur Andelskasse marked to Icelanders, who have lost their savings and often living as well in the recent economic crisis, in a seminar on socially responsible banking held during the summit meeting of the Nordic countries that modern banking can still be likened to Formula 1 racing in street traffic.

This year the bank, along with other two, was awarded a nature and environment prize of the Nordic Council of Ministers. Merkur Andelskasse shares the prize with Cultura Bank from Norway and Ekobanken from Sweden.

Those three represent a new trend in banking. They merge traditional market economy with value-based banking. As usual, the goal of the banks is to move cash flow and earn a profit, but they only lend money to companies and projects that share their values. It is their task to find agencies and people who are most effective in producing such values. And the venture must be successful at that.