Guernsey's government secures £225m funding to help economy out of coronavirus pandemic
Guernsey's government has secured funding from five local banks to help it deal with the economic impact of the coronavirus pandemic.
The revolving credit facility would allow the States to borrow up to £225 million for an initial period of two years.
It will be provided jointly by:
Barclays Bank PLC
Butterfield Bank (Guernsey) Limited
HSBC Bank PLC Guernsey Branch
Lloyds Bank International
The Royal Bank of Scotland International Limited.
It follows the Policy & Resources Committee's resolution to borrow up to £250 million to meet short-term cash requirements.
The Committee has also agreed to provide funding for Aurigny’s additional cash requirement.