Promotion to be paid for by banks

Banks in Guernsey could have to pay £75 per employee towards the promotion of the island's finance industry.

If deputies agree, any business regulated by the financial services commission will be charged, with a cap of £7,500 per company.

The States decided earlier this year the work of Guernsey Finance should be part funded by the industry.

Guernsey Finance is the group tasked with promoting the opportunities for doing business here around the world.

Deputies will debate how much banks and other finance companies should be paying at the November States meeting.

The Commerce and Employment Department said it thinks the rate of £75 per member of staff and the proposed cap is appropriate and believes it will bring in around £400,000 a year.