Mortgage lender pledges to stay

The company is one of Jersey's biggest mortgage lenders

One of Jersey's biggest mortgage lenders has said it will not be pulling out of the island, despite not being able to expand into the savings market.

Jersey Home Loans, which has its head office in the UK, has not been able to offer savings accounts, because of the island's financial laws.

Last August it said it was considering closing up shop in Jersey altogether.

But now Managing Director Rob Proctor has said the company would not be "abandoning" its customers.

Jersey Financial Services Commission said that the building society was not permitted to offer savings accounts because it was not a member of the global top 500 banking institutions.