Guernsey bank sector faces review

A review of Guernsey's banking industry is to be carried out to help ensure the future of the island's finance sector.

The industry employs about 2,900 people and makes a substantial contribution to Guernsey's economy.

The States' has commissioned the review in light of the current global economic crisis.

It is hoped any suggestions from the review will help ensure the prosperity and stability of the sector with regard to the island's economy.

Deputy Carla McNulty Bauer said: "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 the review is completed in the autumn a report of the findings will be submitted to the States.