List of banks in Guernsey

The Bailiwick of Guernsey is a British Crown Dependency in the English Channel off the coast of Normandy.

The Bailiwick, as a governing entity, embraces not only all 10 parishes on the Island of Guernsey, but also the islands of Herm, Jethou, Burhou, and Lihou and their islet possessions. The Bailiwick of Guernsey also administers some aspects of two nearby crown dependencies (Alderney and Sark), and the island of Brecqhou.

Although its defence is the responsibility of the United Kingdom, the Bailiwick of Guernsey is not part of the UK; and while it participates in the Common Travel Area, it is not part of the European Union.

The Bailiwick of Guernsey is included (along with the Bailiwick of Jersey) in the grouping known as the Channel Islands.

 

Unlike many countries, Guernsey has not delegated money-creation to the central bank and has instead issued interest-free money from 1822 to 1836, stimulating the growth of economy after Napoleon's wars without creating public debt and without increasing taxes. Also gold and silver coin remained money in Guernsey in the period 1822 to 1836 - and indeed long after.

Financial services, such as banking, fund management, and insurance, account for about 32% of total income. Tourism, manufacturing, and horticulture, mainly tomatoes and cut flowers, especially freesias, have been declining. Light tax and death duties make Guernsey a popular offshore finance centre for Private equity funds. However, while Guernsey is not a member of the European Union, the EU is forcing Guernsey to comply more and more with its rules . As with other offshore centres, Guernsey is also coming under pressure from bigger nations to change its way of doing business. Guernsey is changing the way its tax system works in order to remain OECD ( and EU ) compliant. From 1 January 2008 it has operated a Zero-Ten corporate tax system where most companies pay 0% corporate tax and a limited number of banking activities are taxed at 10%. As a result it is confronting what it terms a financial "black hole" of forty-five million pounds or more according to some estimates which it aims to fill through economic growth and indirect taxation. Guernsey now has the official ISO 3166-1 alpha-2 code GG and the official ISO 3166-1 alpha-3 code GGY; market data vendors, such as Reuters, will report products related to Guernsey using the alpha-3 code. Guernsey also has a thriving non-finance industry. It is home to Specsavers Optical Group, which manages the largest optical chain in the UK and Ireland and also operates in Scandinavia, the Netherlands, Australia, New Zealand and Spain. Healthspan also has its headquarters in Guernsey.

Guernsey issues its own sterling coinage and banknotes. UK coinage and (English, Scottish and Northern Irish faced) banknotes also circulate freely and interchangeably. Public services, such as Water, Wastewater, the two main Harbours and Airport are still owned and controlled by the States of Guernsey. The electricity, and postal services have been commercialised by the States and are now operated by companies wholly owned by the States of Guernsey. Guernsey Telecoms which provided telecommunications was sold by the States to Cable & Wireless. Newtel was the first alternative telecommunications company on the island and now provides a wide range of residential and business telecommunication services as well as high specification data centres. Wave Telecom, (owned by Jersey Telecom) also provides some telecommunications excluding local loop services. Gas is supplied by an independent private company. Both the Guernsey Post postal boxes (since 1969) and the telephone boxes (since 2002) are painted blue, but otherwise are identical to their British counterparts, the red pillar box and red telephone box. In 2009 the telephone boxes at the bus station were painted yellow just like they used to be when Guernsey Telecoms were state-owned.