From Brian Curtis, chairman, Community Savings & Credit Ltd.
ALTHOUGH at this stage I am not writing to comment on the viability or otherwise of a Bank of Jersey, I do believe the suggestion by Geoff Cook of Jersey Finance Ltd that as an alternative way forward we should consider supporting our existing community institution to be viable.

Community Savings & Credit Ltd was formed in response to the United Nations’ Eradication of Poverty initiative, with its aims being similar to those of the Credit Union movement, where groups of people with common interests form savings and loan co-operatives.

These common interests may be due to members living in the same estate, working for the same employer or belonging to the same church, club or school; indeed the list is virtually endless. For those who do not qualify to join a more focused common interest group, the Jersey branch is open to anyone living in the Island.

Our principal objectives are:
• To educate individuals on how to budget for their everyday requirements and provide access to a mentoring service.
• To provide a means for members to save modest amounts on a regular basis, for a particular purpose or as a general discipline.
• Once a suitable savings record has been established, to consider the granting of loans for necessities, on a secured or unsecured basis and at a maximum interest rate of 1% per month.
• Through our emergency funding scheme, make available interest free loans or grants for modest amounts when no other agency can assist.

Credit unions have been operating for the benefit of communities throughout the world for more than 150 years and in certain countries have become substantial institutions. There is no reason why this should not eventually become the case in Jersey, although without additional financial support this must be accepted to be a very gradual process, especially as we are a non-profit-making organisation, run largely by volunteers.

Even though our services and resources are presently very limited our members already refer to us as the ‘Community Bank’. We are one of the two institutions, however, that have an exemption under the banking law, rather than having been granted a banking licence. The company is nevertheless regulated by the Financial Services Commission, is part of the provisional deposit protection scheme and an honorary member of the Jersey Bankers Association.

It has taken us 12 years for our operation to get to the stage we are at now, virtually all of our problems and delays in our development having been created by financing issues. If these had not occurred and various parties had embraced our vision, we may by now have been able to meet many of the concerns being expressed and at little or no cost to the exchequer.

We operate without any financial support from government, although both the authorities and the banking industry have acknowledged our benefit to the community.

Thanks to our supporters and now that we have been provided with a permanent home at the Town Hall, our positive impact on society is rapidly increasing. Given the tools however, we could do very much more.
Town Hall,
Seale Street,
St Helier.