Geoff outlined his plans for a Guernsey-owned and run high-street bank to an audience of CGi members and new and re-elected States’ Deputies.
He said the results of an on-line survey currently being undertaken would determine whether or not the new venture would be viable, but the initial responses from both individuals and companies were very positive.
Geoff explained that more than £100million in finance is required in order to start the new bank, which would offer secured lending, i.e. mortgages and asset–based finance. Its aim is to make it easier than at present for home buyers and small businesses to secure capital and investors would see a reasonable return.
He estimated that in mortgages alone, £50-60 million each year is being refused locally due to draconian compliance rules and regulations.
The meeting format then switched to an open forum, at which Larry Granger quizzed Deputies with questions posed by members r a number of topics of interest. These included the possibility of an Open Skies licensing regime, the need for extending Guernsey’s Airport runway, whether there was room for a second sea operator between the islands and the newly announced health agreement with the UK.