Finance For Guernsey

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Mission Statement

Finance for Guernsey has identified, through extensive research, the funding issues which are restricting islanders from getting onto, and progressing up the property ladder and preventing entrepreneurs and SMEs to establish and grow business ventures as well as the challenges facing local corporates and businesses in the finance sector when setting up and maintaining banking relationships.

Backed by leading, locally-based business people, who are committed to the island and its continued success, Finance for Guernsey is now using the findings to deliver a solution which will enhance the future prosperity of Guernsey.

The outcomes

Ahead of the research being undertaken by global research specialists, Finance for Guernsey believed there were four possible conclusions:

A bank – locally owned and universally accessible to anyone resident in the Bailiwick, whether they are looking for a current account, needing a mortgage or wanting capital investment to establish or grow a business.

A fund – locally managed and funded by local investors. What type will depend on the research results but it could be used to invest in start-ups or help first time buyers.

A broker – to facilitate lending between a third party financier (either individual or institutional) and islanders. As with a fund, what type of lending will be determined by the identified need.

Nothing – should the research conclude that there are no funding issues and that the finance options currently available are sufficient.

It is clear from the research that a Guernsey bank is the preferred solution and Finance for Guernsey is now working on a business plan and a formal application for a banking licence.

What is the goal of FFG?

Finance for Guernsey believes there are four possible conclusions which will be drawn from the research:

A Bank

locally owned and universally accessible to anyone resident in the Bailiwick, whether they are looking for a current account, needing a mortgage or wanting capital investment to establish or grow a business.

An Investment Fund

locally managed and funded by local investors. What type will depend on the research results but it could be used to invest in start-ups or help first time buyers.

A Broker Service

to facilitate lending between a third party financier (either individual or institutional) and islanders. As with a fund, what type of lending will be determined by the identified need.

Nothing – should the research conclude that there are no funding issues and that the finance options currently available are sufficient.

Frequently Asked Questions?

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Who are FFG?

Geoff Miller

Geoff Miller

Geoff’s passion for developing the alternative finance market globally is reflected in his inclusion in the City AM Alternative Finance Power List, the Fintech Most Influential Powerlist and was named in the Financial News annual Fintech 40. Through leading the initial funding of a number of early stage alternative finance businesses, he has helped build online and offline finance businesses globally. Geoff, who is married with three young children, is an investor in a variety of principally early stage technology and finance companies, a director of various finance businesses in the UK, US and Europe and a mentor to a variety of entrepreneurs, drawing on 25 years’ experience in the finance sector.

BLOG

Finance for Guernsey to push ahead with plans for a retail bank

FINANCE for Guernsey has welcomed clarification from the States of Guernsey that it has no intention to progress plans to establish a retail bank.

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My main project currently is Finance for Guernsey, a business that is looking at the viability of opening a new bank in the island, providing Guernsey’s first domestic bank for over 40 years and filling the gaps in the availability of banking products and services that currently exist.

There is a need but the pathway won’t be an easy one

Highly regarded financial commentator Horace Camp gave his thoughts on the Finance for Guernsey investigations in his recent Guernsey Press column. With thanks to Horace and the Press.

Company Registration Number: 61909
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