VP Bank’s business ecology

As a general rule, VP Bank sends out client asset statements only once a year; daily and quarterly statements are printed and dispatched only at the express request of the client. In recent years, this has led to a considerable reduction in the use of paper for forms and vouchers. For example, the number of printed forms has declined steadily from 655,000 in 2005 to 196,060 in 2015. The number of envelopes was lowered from 1,500,000 in 2004 to 766,163 in the past financial year.

Paper consumption has decreased from 68.03 tonnes in 2004 to 43.11 tonnes in 2014. e-banking has contributed greatly to this reduction thanks to its e-Post functionality, which has developed in the opposite direction to the consumption of paper. The increase in the use of envelopes and paper over the prior year can be explained by the add­itional communication needs surrounding the integration of Centrum Bank. 

VP Bank prints its publications – including this annual report – on environmentally certified paper. FSC (Forest Stewardship Council) certification guarantees that the paper originates from wood harvested by using exemplary, carefully managed forestry practices. Since 2010, payment order forms have also been printed on environmentally friendly paper. In its choice of printing firms, VP Bank gives preference to those which offer climate-neutral printing services.

Thanks to the introduction of order cards and referral to documents in electronic form, the number of printed copies of the Bank’s annual and semi-annual reports has declined by just under 76 per cent over the past seven years. In 2007, a total of 7,000 reports were still being printed, whilst in 2014, the total printed was a mere 1,700.

For the Vaduz and Zurich locations, the number of documents sent by electronic post has increased continuously: in 2007, the total was approximately 130,250; by 2011 it had risen to more than 696,270; in 2013 it reached 1,204,603 and in 2015 the total stood at 1,669,433. Following an increase in 2014 over the 2013 level, the number of electronic post mailings again increased by 11 per cent in 2015. Since 2012, the statistics include the Luxembourg facilities. The elec­tronic communications of VP Bank Group since 2010 include the footnote “Please consider the environment before print­ing this e-mail”.

Water consumption has declined continuously since 2008, but rose again in 2015 as a result of the 8 per cent higher employee headcount. This value, however, is still the second lowest level of all consumption readings achieved since 2004. Water consumption per employee has dropped continuously from 15.3 m3 in 2005 to 9.6 m3 in 2015. This reduction is spread equally over all facilities of VP Bank in Liechtenstein. 

Through numerous initiatives, VP Bank Group focuses on the responsible handling of energy. The measures extend from the environmentally friendly manner in which the renovation of the Bank’s headquarters in Vaduz and construction of the new service centre in Triesen were accomplished, to the use of geothermal energy for heating and cooling, right through to the use of motion-activated lighting. In 2015, the over 30-yearold ventilation system in the main building was renovated and replaced by an energy-efficient installation with heat recovery.

At the Liechtenstein facilities, most of the lighting is regulated by a light control system with motion detectors. This technology can reduce power consumption by 20 to 40 per cent compared to manually activated lighting. In the replacement or procurement of lamps, preference is given to today’s very efficient LED technology. In 2014, LED lamps were purchased instead of the once-customary neon tubes which will be replaced during the course of 2016. The energy savings afforded by the use of LED lamps rather than trad­itional lighting sources amount to roughly 75 per cent.

Total power consumption by employee at the Bank’s Liechtenstein facilities has been on the decline for five years and in 2015 stood again well below the level last seen in 2004. Electricity consumption at the head office has been on the decline since 2008 thanks to efficiency-enhancing measures: in 2014, the central heating installation was replaced and energy-efficient pumps deployed. At the same time, the system converted from oil to gas. A further factor in the reduction of power consumption is the renewal of the venti­lation installations. Instead of energy-intensive steam humi­dification, an energy-efficient hygiene air humidifier is now used. The system possesses a low-pressure pump and an additional evaporation unit and makes possible the lowest possible power and water consumption.

For more than 15 years, a photovoltaic power generator has been in operation on the roof of the building in Vaduz. It supplies environmentally friendly energy that is fed into VP Bank’s power grid. Owing to a rejuvenation of the control system for this installation, power generation from photo­voltaics increased continually from 2009 to 2011. However, over the past four years it has decreased mainly due to de­fective modules. Through the installation of a more efficient system, it is planned that this recent trend will be reversed.

In September 2014, the old oil heating system in the main building was finally turned off. Since 2015, heating is generated with natural gas and heat recovery from the refrigeration equipment. 

In addition, optimised waste heat utilisation has been the name of the game in the Giessen building in Vaduz since 2013. Modern ventilation plants with heat recovery use heat waste from office and workspaces. 

The differing types of buildings at VP Bank call for an overall concept that brings all of its Liechtenstein facilities up to the same level in terms of power technology. The goal of this concept is to harmonise all of the existing installations, optimise the distribution of power and efficiently exploit any ambient heat loss. To that end, energy flow meters were installed in 2009 in order to record and optimise the flows of energy from heating and cooling. The evaluation is adjusted to take seasonal fluctuations into account, and the results are used in the measures for fine-tuning the Bank’s overall energy supply. In addition, the ventilation control centre was renovated in 2015. 

The energy supply project foresees additionally the continued use of leading-edge technologies that enable heating on the basis of heat recovery. Since 2014, the new cooling control centre affords both operational safety and energy efficiency. Each of the two units is equipped with an electronic control system that steers two distinct cooling cycles. With the help of this control mechanism, the equipment can adapt its functions much more precisely than ever before to the climate conditions in individual areas. The by-product is warmth, which can then be recycled for heating purposes.

Now that this system has been put into service, the lion’s share of the overall concept has been realised. The next step is to plan the use of groundwater in Vaduz. Through implementation of this measure, the existing subterranean water can be used for cooling purposes in summer and heating in winter. Initial discussions with the Environmental Protection Agency (EPA) have already been held and two pilot holes drilled. The EPA has examined the viability of the plan; the formal approval and realisation is expected in 2017.

A separate, more detailed energy report for the Liechtenstein facilities is produced which can be accessed on the website of VP Bank.

As a result of a new service contract, the previously existing photocopiers at the offices in Liechtenstein were replaced with new devices during the course of 2013 and 2014. The new copiers are made of recyclable components and use environmentally friendly polymerised toner, which, in its production, generates 40 per cent less CO₂ emissions than conventional toners. Another major advantage is their low TEC (typical electricity consumption) rate, which expresses the average weekly power consumption of electronic products based on their normal office use. 

This new generation of equipment is an all-in-one solution (printer, scanner, copier and fax). It switches more rapidly to the sleep mode and requires considerably less energy than previous models. That in turn helps VP Bank to reduce its operating costs and fulfils the goal of continually applying new technologies to minimise energy consumption and hence further reduce CO₂ emissions. An external service provider has been commissioned to handle the maintenance of these devices.

The forecasts of hoped-for savings came true in 2015: they amount to roughly CHF 100,000 per year. The useful life of this new generation of equipment has been estimated at 5 years.

In the coming years, it is planned to align all photocopiers to a Group-wide standard. For 2016, internal measures are foreseen to raise awareness on the theme of paper consumption. 

Ever since 2004, waste separation has been the order of the day at VP Bank using the Bank’s waste disposal concept. Newspapers and magazines are collected and recycled sep­arately from the remaining types of paper. Glass, cardboard, polystyrene, PET bottles and green waste each have their own receptacles. The total amount of waste generated in 2014 was the lowest since 2004 but increased again in 2015 as a result of the higher employee headcount.

The residual paper discarded by VP Bank is shredded in an in-house recycling unit and compressed into briquettes. With this process, roughly 51 tons of paper briquettes were produced at the Liechtenstein location in 2015 which are collected by a local recycler and taken to an incinerator. In 2016, an excursion to this recycling enterprise for employees is planned. 

Responsibility for the Bank’s environmental sustainability is borne by the Facility Management & Services unit. VP Bank is a member of the Swiss Network for Sustainability and Management. 

The Mobility Management project group of the Liechtenstein Chamber of Commerce and Industry is a further body in which VP Bank actively participates. VP Bank is also a member of Öbu, the Swiss think-tank for environmental, social and management topics and network for sustainable business operations.

VP Bank has been participating in the Carbon Disclosure Project (CDP) since 2008. CDP is an international non-profit organisation that has the goal of motivating companies and communities to lower their CO₂ emissions and use water in a sustainable manner. On behalf of investors, CDP Switzerland gathers data and information on CO₂ emissions, climate risks as well as the reduction goals and strategies of the largest exchange-listed Swiss companies. The findings are published in an annual report.

Eight years ago, VP Bank introduced a mobility concept at the head office in Vaduz which features financial incentives for using public transportation, as well as a graduated fee structure for employee parking spaces. The concept is self-­financing: rental proceeds from the car park are used for bonus payments to employees who forgo the use of personal cars and therefore do not occupy parking spaces.

This concept also motivates employees to form carpools. In addition, mobility management offers the cost-free use of Mobility Cars, an arrangement that has met with an enthusiastic response. A favourable trend was to be seen again in the total number of kilometres driven for business purposes in Mobility Cars in the last three years. In 2015, it was 1.3 per cent higher than in 2014. The use of a videoconferencing system has helped to reduce the business travel activities of employees.

Employees using public transport are also offered a free ticket for bus and railway transport within Liechtenstein. The revenues from the Bank’s mobility management are in part used for the reimbursement of tickets. 92 employees benefited from this in 2015.

The bottom line of the mobility concept is successful. The goals were achieved – a reduction of automobile traffic, the fostering of environmental awareness, and the promotion of public transportation. This concept is exemplary throughout the region. In March 2011, the Group’s mobility management approach received the “Zurich Climate Prize”, which honours measures aimed at improving energy efficiency and reducing CO₂ emissions. As of 1 January 2016, the attractiveness of using public transport was further enhanced by financial incentives. 

In summer of 2015, a passenger vehicle with an all-electric drive was acquired by VP Bank. It is available for regional trips between Zurich and Vaduz as well as for client pick-up service. With this vehicle, some 8.500 kilometres were covered in 2015. 

In the spring of 2015, VP Bank participated in the campaign of the LIFE Climate Foundation Liechtenstein for the fulfilment of the government’s electric mobility strategy. Bank employees could borrow and test-drive three electric-driven vehicles for several days free of charge. In the summer of 2015, quite a few employees participated in the “By Bike to Work“ competition of the Liechtenstein Chamber of Commerce and Industry. 

In September 2015, VP Bank participated in the European Mobility Week and in doing so, supported the campaign “Car-free – Have fun at the same time“; VP Bank hosted the prize-giving ceremony held in October 2015. In November 2015, just under 180 employees of VP Bank took part in a survey of the Liechtenstein Chamber of Commerce and Indu­stry on the theme “mobility behaviour“. The results of the survey as well as the ideas submitted in the process flowed into the overhaul of VP Bank’s mobility concept. As an initial measure, the attractiveness of using public transport was further enhanced by financial incentives.