New ANZ CEO Asked To Not Support Gunns Pulp Mill

New ANZ CEO Mr Smith Asked To Not Support Gunns' Pulp Mill And Uphold Equator Principles

International cyberaction launched to lobby new director over ANZ's support of Gunns destruction of Tasmania's forests.

BankTrack, a network of 23 international civil society organizations tracking private finance, The Wilderness Society (Tasmania) Inc. and Rainforest Action Network, today launched www.tellmrsmith.org an online petition asking the new Director of ANZ Mike Smith not to support Gunns destruction of Tasmania's native forests or their proposed pulp mill.

"Mr Smith has the opportunity to prevent large-scale environmental, economical and health impacts in Tasmania. Tellmrsmith.org gives people the opportunity to lobby ANZ's new CEO to only support a pulp mill that is based only on existing plantations, is chlorine free and in a location that won't impact on human health," said Mr Paul Oosting pulp mill campaigner for The Wilderness Society.

Mr Smith arrives at ANZ from his previous position at HSBC, one of four international banks which founded the Equator Principles (EPs) in 2004. EPs are environmental and social principles that ANZ promises to apply to Gunns' new project.

ANZ so far has managed to kept out of the spotlight regarding Gunns, however a new chapter in the bank's drive for sustainability opens as Mr Smith assumes his executive responsibilities.

David Barnden from BankTrack comments "Mr Smith has a wonderful opportunity to show ANZ's customers, the Australian public, and the world true leadership and commitment to uphold banking industry standards."

According to BankTrack since 1995 ANZ has provided crucial financial services to Gunns. Today ANZ provides the company with secured bank loans with a current debt thought to be more than AU$300 million. Relative to the pulp mill ANZ is understood to have advised on the project and is also the lead arranger. Further, Gunns management states that ANZ is certain to provide project finance, underwrite the mill, and that the bank has already arranged export credit deals from Europe.

Gunns Ltd has a market capitalisation well under the AU$2 billion cost for the pulp mill and relies heavily on ANZ to finance the project. Without ANZ's help, Gunns' pulp mill project will likely fail.

ENDS

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