BoI urged to pull out of deal with porn firm

The National Women's Council of Ireland has said it will be advising its members to close any accounts they have with Bank of Ireland unless the bank pulls out of a deal it has reached with a British pornography distribution firm.

Dr Joanna McMinn, director of the council, urged the bank to withdraw its support for Remnant Media, which is planning to float on the London Stock Exchange.

Dr McMinn said if the bank continued to support the firm the council would close its own account with Bank of Ireland, and would be "calling on all our members to close any accounts they have with the Bank of Ireland and transfer their money to other financial institutions."

Father Seán Healy, director of the CORI Justice Commission, said that, while he did not know the details of the Bank of Ireland deal, he would be strongly opposed to any bank investing in pornography.

Those concerned about such investments should make their voice "very clearly heard to the institutions concerned and raise very serious reservations with them, and if the institutions don't respond to that then they should seriously consider their position and be prepared to move to institutions that are prepared to have a more ethically-based policy in terms of investment," said Father Healy.

A bank spokeswoman declined to comment on its involvement with Remnant, which last week acquired 45 magazine titles from British publisher Mr Richard Desmond for close to £20 million (€30 million). However, sources close to Remnant confirmed Bank of Ireland was one of its major backers. Among the titles acquired were Asian Babes, Reader's Wives, Big Ones and Attitude, a leading gay lifestyle magazine.

The Bank of Ireland spokeswoman said it did have a "broad ethical policy" on investments. "Illegal businesses would come under that broad policy. But this is not an illegal business," she said. It is understood the bank has invested about £5 million (€7 million) in Remnant as part of a joint-venture with another financial institution. Remnant is now in negotiations to have a listing on the London Stock Exchange, which it hopes will raise at least £35 million (€51 million).

A source close to the deal said Bank of Ireland had believed it had a "good buy" in Remnant. "The company has 25 per cent of the market in top-shelf magazines. Sex sells; it's a big company and it's going to get bigger." Mr Desmond, whose media empire includes the Express and Daily Star, disposed of the pornography firm to concentrate on a planned take-over bid for the Daily and Sunday Telegraph.

The Labour Party's spokeswoman on finance, Ms Joan Burton, said she "personally would prefer if the directors of Bank of Ireland reconsidered their decision to invest in this area. Investment in the porn and sex industry is really conducive to significant social harm for women, children and men."