New research body Finance for Guernsey has been set up to identify whether a lack of access to finance is having an adverse impact on Guernsey people and businesses.
Founder and Director Geoff Miller believes funding issues are restricting islanders from getting onto and progressing up the property ladder; preventing entrepreneurs and SMEs from establishing and growing business ventures; and creating issues for local corporates’ and businesses’ banking relationships.
Investment specialist Miller has spent six months talking to the finance community to gain a better understanding of the current situation. "There is clearly a need, and what we must do now is identify where the gaps are, particularly in the wake of Brexit as the island negotiates with the UK and the EU," he said.
Miller envisaged four possible conclusions from the research:
• Do nothing if the research shows all needs are being met
• Set up a locally managed fund financed by Guernsey investors to help people or businesses
• Create a broker to facilitate lending between a third-party financier and islanders
• Establish a locally owned bank, accessible to anyone resident in or business operating in the bailiwick.
"The fund and the broker are relatively easy business ventures to establish. The bank would be far more complex and it will be critical for us to bring in an executive team who have expertise in retail banking," said Miller.
Finance for Guernsey has already established relationships with specialists to help once the research is completed. Although the States of Guernsey mooted the possibility of a Bank of Guernsey last year, it is currently not involved.
More information about Finance for Guernsey, including links to the research, can be found here