Social tailored deposit

About Westpac Social Tailored Deposit

Westpac’s Social Tailored Deposits are tailored term deposits which aim to fund assets that address or mitigate a specific social issue and/or seek to achieve positive social outcomes. The deposit balances are used to finance or refinance, in whole or in part, a defined pool of eligible social assets which align to the ICMA’s Social Bond Principles and Westpac’s Sustainable Finance Framework. Eligible social assets are those which promote access to essential services, support affordable housing and/or accelerate socioeconomic advancement and empowerment.

 

The Social Tailored Deposit Framework (PDF 915KB) sets out the governance and processes which support Westpac’s Social Tailored Deposit product. The Social Tailored Deposit Framework has been independently reviewed by Sustainalytics, and a pre-issuance second party opinion (linked below) has been published on the alignment of the Social Tailored Deposit Framework to the ICMA Social Bond Principles.

 

The Social Tailored Deposit Framework will also be reviewed by an independent external reviewer on an annual basis to provide confirmation that deposit balances have been notionally allocated to eligible social assets that are aligned with the commitments in the external framework and ensure ongoing alignment with the ICMA’s Social Bond Principles.

 

This information relates to Westpac’s Social Tailored Deposit product and framework only and should not be interpreted otherwise. If you are considering entering into a Westpac Social Tailored Deposit, please contact us to obtain a copy of the Product Information Statement. You cannot enter into a Social Tailored Deposit until you have received and reviewed the Product Information Statement.  

 

For information on Westpac and its activities please refer to Westpac’s annual reporting suite.
 

Verifications

Framework and reports

Investment criteria

Subject to a minimum deposit size of A$1,000,000 and a term of 1 to 5 years. (Note: Westpac may accept a lesser term at its discretion.)