UBS squatters at ‘Bank of Ideas’ face eviction delay

The Bank of Ideas: open for 'business'. Photograph: Julia Ross

The fate of  the ‘Bank of Ideas’ in Shoreditch still hangs in the balance after yesterday’s High Court hearing was postponed until Friday 2 December, whilst the possession order will not be enforced before 12 December.

The judge apparently criticised Sun Street Properties Ltd, a wholly-owned UBS subsidiary, for serving incomplete paperwork and attending court unprepared.

Occupy London spokesperson, Naomi Colvin said: “The paperwork came to us unsigned, unstamped and unnumbered. It appeared to have been sent out in a bit of a hurry.”

On the day Occupy London took over the building, the investment bank delivered notices serving an injunction.

It is challenging the building’s occupancy and its use for protest.

Ms Colvin said: “We have argued this is a community centre not a protest.

“The space is open to everyone who has been unable to put on services due to government cuts.”

Occupy London activist Helen Poplar said: “By hiring expensive lawyers to rush out questionable paperwork, UBS is trying to use their financial clout to scare us into abandoning a thriving community centre. It won’t work. Just because you’re a global investment bank in receipt of a $60bn bailout doesn’t mean you can short-circuit the proper legal process.”

UBS confirmed they are the legal owners of the site and said the building was unoccupied and the action had no impact on either its business or its staff.

The building has been unoccupied since 2009 and Ms Colvin believes no cleaning or maintenance work had happened since then.

“No-one was taking any care of it when we entered,” she said. “All the rubbish from the last occupants had been left. The whiteboard had not been wiped and was still covered with writing.”

Leaving a building of this size neither occupied nor maintained, she argues, is not “economically responsible.”

In a statement following the occupation, a spokesperson for UBS said: “We are aware of the situation and are taking appropriate action.”

It has not commented on yesterday’s proceedings.

Occupy London took over the empty UBS building in Sun Street, Shoreditch, on Friday 18 November to form the ‘Bank of Ideas’ in what it termed a ‘public repossession.’

They have since hosted speakers, discussions and entertainment there.

“It’s been amazing.” Occupy supporter Anna (who would not reveal her full name) said. “We have had a great response from people wishing to use the area to put on services that have been cut. It’s a really exciting time.”

Recording studios reportedly opened in the building yesterday.

Billy Bragg and Mark Thomas have been among the ‘Bank’s’ high profile performers.

The building choice is a symbolic statement. Occupy spokesperson Jack Holburn said: “As banks repossess families’ homes, empty bank property needs to be repossessed by the public.

“Whilst over 9,000 families were kicked out of their homes in the last three months for failing to keep up mortgage payments – mostly due to the recession caused by the banks – UBS and other financial giants are sitting on massive abandoned properties.

Commenting on its location, Ms Colvin said: “It is very symbolic. The borough of Hackney was one of those worst hit by the recession. We don’t want the protest to focus solely on the centre of London.”

The Bank of Ideas has received widespread support from Hackney residents who have been visiting the space and donating to the project.

Anna Williams shared her opinion on the developments. She said: “Peaceful protest, I’m all for it.” She added: “It’s better than causing disruption to St Paul’s Cathedral.”

Helen Wood is more sceptical. Posting  a comment on the Hackney Citizen website, she said: “How beautifully symbolic of the whole movement that their ‘Bank of Ideas’ is an empty building.”