Building Society: The Bank of Ideas

It’s not your usual corporate takeover, but Occupy London has expanded its portfolio with a new Hackney branch — courtesy of Swiss bankers, UBS. The Sun Street squat was bracing for its third day of continuous occupation as the Occupied Times went to print. It is understood members of Occupy’s direct action group entered the disused four-storey office block in the early hours of Friday morning in a top-secret operation. Protesters then lounged on sills and hung banners from the windows on a brisk Friday afternoon as police looked on.

As a private commercial property the activists’ trespass is a civil rather than criminal offence, meaning UBS would have to seek an injunction next week before any eviction could take place. It is understood organisers have declared the occupation “non-residential” in order to comply with criminal law — but around 30 volunteer caretakers and tranquility team members have decamped to the site. But the no-camping policy could stick in the craw of occupiers at other sites, nearing capacity and on the brink of winter — and with many residents otherwise homeless.

One caretaker, Will, told the Times he was aware the policy would mean turning people away. But the trick was to get those camps ready for winter instead, he said. Meanwhile tranquility member George said his patrol had already turned away several people – “not from the camps; looking for a place for the night” – but had directed them to nearby Finsbury Square. His team were working around the clock, he said, and could not afford to let just anyone in. “All it takes is one UBS employee, one officer — if any of them get in here they can kick us all out,” he said.

The multimillion pound complex marks the group’s third site across the capital, alongside the original camp in St Paul’s Square near the London Stock Exchange and a satellite camp at Finsbury Square in Islington. The camp’s media team hailed the UBS heist on Friday as a symbolic reaction to Britain’s recent spate of home repossessions — further fallout from the 2008 financial crisis. “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,” media working group member Jack Holborn said. The new ‘Bank of Ideas’ was a “public repossession” of one of the companies that he added.

A UBS spokeswoman said on Friday the company was aware of the situation and considering legal action. The spokeswoman declined further requests for comment.

By Rory MacKinnon