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.
I’m very pleased that we’ve been able to secure this facility so quickly, and my thanks go to the five banks who are working with us to ensure that we have the liquidity we need to fund these essential measures which are supporting our community through this crisis. They’ve recognised the urgency and importance of what we’re doing in the spirit of Guernsey Together.
The Committee has also agreed to provide funding for Aurigny’s additional cash requirement.