Guernsey’s Commerce and Employment Department has asked Lord Hunt of Wirral, Chairman of the Financial Services Division of Beachcroft LLP, to conduct a strategic review of Guernsey’s banking industry to advise the department on how the government can ensure the long-term success and sustainability of its banking industry.
Guernsey’s banking industry is an important element of the financial services sector; the banking sector alone employs approximately 2,900 people and makes a substantial contribution to the island’s economy. Following the global financial crisis which accelerated during the summer of 2008, international banking has suffered a number of significant shocks. As a result of that international crisis, global banking is undergoing a period of change and consolidation. “The department considers it an opportune time to review the island’s banking sector and to consider how best to ensure its continued contribution to international commerce and global financial systems and consequently the prosperity and stability of the sector.”
Lord Hunt will examine the current structure and nature of Guernsey’s banking industry and advise the department on the strategic direction for the industry. Hunt will also advise on steps that can be taken by the States, and the department to maximise the long-term economic benefit to Guernsey and ensure it maintains its position as a world class international finance centre.
Commerce and Employment Minister, Carla McNulty Bauer noted:
"Having a stable and successful banking industry is vital to Guernsey’s long term economic interests. Banking is a major employer and contributes a great deal to Guernsey’s economy and society. Now is the time to set the strategic direction for the industry to ensure that Guernsey has a prosperous, stable and successful industry for the future.”
“Once Lord Hunt has completed his review, the department will work closely with Guernsey’s Financial Services Commission to ensure that along with maintaining the highest regulatory standards, the banking industry of the future also meets the government’s economic objectives.”
Hunt’s report is likely to be published in Autumn 2009, he said:
"My team at Beachcroft LLP and I are very pleased to accept the challenge of undertaking such a review, which is so clearly vital to the future success of Guernsey's financial services industry.”
“We shall now prepare to issue a call for information and submissions document which will form the basis for the review."
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