Finance For Guernsey

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What are the problems and why?

The lack of access to transactional banking is an existential threat to the Guernsey economy. Islanders are limited in their ability to buy homes or access credit, new companies can’t open accounts and fiduciaries are struggling to service new clients.

The reasons as to why are numerous:

  • Risk decisions are decided off-island
  • Gold-plating of regulatory requirements – so it’s harder to get clients through the requirements Lack of appetite for offshore assets – certainly something that’s not an area for the future in talking to the larger banks
  • Pooling of resources in offshore centres into “centres of excellence” – as Guernsey is not a priority, people for example are having to speak to someone in the Isle of Man regarding a local issue which they may not fully understand; unfortunately we are a jurisdiction that the banks don’t have to be dealing with and so there is a tendency to reduce exposure quietly but inexorably over time.
  • Offshore banking is not what the banks want to do

Survey Results GUERNSEY CUSTOMERS

Company Registration Number: 61909
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