Banking

Guidance on Liquidity Risk Management

​The Guernsey Financial Services Commission (“ the Commission") has received a significant number of enquiries relating to the position of Landsbanki Guernsey Limited (in administration) and a number of issues have been the subject of comment by the local media. On the 26 November 2008 the Guernsey Press published articles containing useful summary background information and which specifically...

On 24 November the States of Guernsey Policy Council signed the following amendment regulations which come into force on 1 December 2008: The Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 (Amendment of Schedules 1 and 2) Regulations, 2008 The Registration of Non-Regulated Financial Services Business (Bailiwick of Guernsey) Law, 2008 (Schedule 1 Amendment) Regulations, 2008...

​ Business Continuity Planning and Disaster Recovery Management in the Banking Sector of the Bailiwick of Guernsey - A Thematic Report issued by the Guernsey Financial Services Commission

The Guernsey Financial Services Commission fully sympathises with the concerns of depositors in Landsbanki Guernsey Limited (in administration) and their very considerable distress and suffering. We continue to work long and hard with a view to achieving the best possible outcome for depositors. Important developments took place yesterday evening in connection with Landsbanki Guernsey. The Court...

​Copies of statements, and questions and answers, on Landsbanki Guernsey Limited in Administration issued by the bank's administrators and by the Guernsey political authorities are available below: Press release 10 October 2008 by the States of Guernsey Policy Council - Chief Minister Statement on Landsbanki Press release 15 October 2008 by the States of Guernsey Policy Council - Policy Council...

​Last night the Directors of Landsbanki Guernsey Limited made an application to the Royal Court for the Court to appoint an administrator under Guernsey’s company law. The Court has appointed Mr Rick Garrard of Deloitte and Touche LLP with a view to achieving the survival of the bank, and the whole or any part of its undertaking, as a going concern. The administration is on a temporary basis until...

On 8 September the Policy Council signed the Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) (Amendment) Regulations, 2008. The main changes to the December 2007 regulations for financial services businesses created by the amendment regulations include: 1. The introduction of a requirement for regulated financial services businesses to register with the...

​ In light of recent developments, the Commission has issued a sixth Business from Sensitive Sources Notice which is available here. This sixth Business from Sensitive Sources Notice supersedes Business from Sensitive Sources Notice - Number 5. The Commission would be pleased to provide further advice if you have any queries arising from this Notice.