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Guernsey Rejects Government-Backed Bank Proposal

by Jason Gorringe, Lowtax.net, London
15 November, 2016

Guernsey has decided not to proceed with the creation of a Government-backed retail bank.

The island's Committee for Economic Development had been considering whether to provide funding and resources to further investigate the appetite for, and viability of, a retail bank directly funded and supported by the States of Guernsey.

After due and careful consideration, including discussions with the Policy & Resources Committee and other stakeholders, the Committee said it had concluded that the concept of a States-funded retail bank was not appropriate given that there was ongoing interest from private sector third parties actively exploring the provision of local banking services in the domestic market.

The Committee said it continues to support and promote the banking sector and fully understands the vital role it plays in the local economy. The Committee also confirmed that should there be any significant relevant changes it would be prepared revisit the proposal at that time.

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