Life-changing funding for Guernsey Community Savings, a local charity which supports people who otherwise would not have access to crucial banking services, will now be provided by Guernsey’s clearing banks.
The arrangement with the clearing banks (including HSBC, Lloyds and RBS International t/a NatWest International) has come about following negotiations between Guernsey Community Savings (GCS), the banks and the States of Guernsey.
Since 2020, GCS has provided this life-changing support to almost 200 islanders who have found themselves financially excluded from society, as they did not have a bank account.
Without a bank account, it is very hard to find employment or accommodation. Without a debit card, it is not possible to make online purchases, and it is increasingly difficult to purchase goods and services locally, as retailers move away from cash.
GCS has been able to arrange banking services for many people in this situation. In addition, GCS helps them to manage their money and build their confidence, so that they can play a full role in society.
Guernsey’s clearing banks have recognised the value of the support provided by GCS, and have now signed an agreement that will provide ongoing funding to ensure GCS can continue to support local people facing financial exclusion. The negotiations, for this agreement, were led by the States of Guernsey, who acted as a neutral third party throughout the process.
Deputy Nick Moakes, Finance Sector Lead for the Committee for Economic Development, said: “This is a great example of how government, business and the third sector can work together. In this case, it will help people who do not have access to essential banking services that most of us take for granted.
“I would like to take this opportunity to thank the banks for coming together to support this important local initiative.”
Peter Neville, Founder and Chair of GCS, added: “The backing of Guernsey’s leading banks is an exciting and positive development for GCS and, most importantly, for those vulnerable members of our society who we serve. This support will empower us to extend our reach and positively impact the lives of many islanders who struggle to access traditional banking services.”
A representative for The Association of Guernsey Banks (AGB) added: “We’re proud to come together in support of GCS. Ensuring everyone has access to essential banking services is fundamental, and this agreement is a significant step forward in addressing financial exclusion in Guernsey.”
Susan Fouquier, Country Head for RBS International added: “We’re pleased to support this key initiative to address financial exclusion in our community, which dovetails with the bank’s purpose of turning possibilities into progress, and we wish GCS every success.”
