A public purpose bank to support housing, business, and infrastructure innovation
Jersey is not short of capital.
Through our finance industry, we manage and deploy capital across the world. It is a major source of employment, expertise, and tax revenue – and a cornerstone of our economic success.
But there is a question we need to ask:
How much of that capital is working for Jersey itself?
Because while we are globally connected, we are not always locally aligned.
A Jersey Bank is about addressing that gap – practically and proportionately.
The Problem
Three issues are becoming increasingly clear:
• Local businesses can struggle to access patient, long-term finance
• Strategic investment needs – in housing, care, and infrastructure – are not always easily financed locally
• Capital flows through Jersey, but not enough of it stays to support the island’s own development
At the same time:
• we are seeking to grow local businesses
• expand care capacity
• and invest in the island’s future
These ambitions all require one thing:
Capital that is aligned with Jersey’s long-term needs.
A Clear Direction
Jersey does not need to replace its finance industry.
It needs to complement it – by creating a focused, island-based vehicle that supports local investment.
And importantly, this is not an untested idea.
Other small, internationally connected jurisdictions have already taken this step – including Gibraltar International Bank, which was established to support local lending, economic development, and financial resilience.
Similar models exist elsewhere, showing that:
a locally focused bank can operate alongside a strong international finance sector – and strengthen the overall economy.
A Jersey Bank would follow that principle:
• operating alongside global finance
• focusing on local priorities
• and ensuring that more capital is available to support the island’s development
This is about alignment, not disruption.
Three Practical Mechanisms
1. Provide Long-Term Finance for Strategic Priorities
Some investments are essential to Jersey’s future – but require patient capital.
These include:
• housing development
• care home and community care infrastructure
• regeneration and infrastructure projects
A Jersey Bank could:
• co-invest alongside private partners
• provide long-term lending
• support projects that deliver both financial and social return
This links directly to:
• expanding care capacity
• supporting home-based care
• and enabling sustainable development
2. Improve Access to Finance for Local Businesses
Many small and medium-sized businesses face challenges in accessing finance that reflects their needs.
A Jersey Bank could:
• provide lending tailored to local businesses
• support growth and scaling
• work alongside organisations such as Jersey Business
This is not about replacing commercial banks.
It is about:
• filling gaps
• supporting viable businesses
• and strengthening the local economic base
Over time, this helps more businesses to grow – and more value to remain in the island.
3. Recycle Capital Within the Island Economy
One of the most important roles of a Jersey Bank would be to keep capital circulating within the island.
This means:
• lending locally
• reinvesting returns locally
• supporting a cycle of investment that strengthens over time
In practical terms:
• loans for housing support construction, jobs, and supply chains
• investment in care supports services, employment, and wellbeing
• business finance supports growth, innovation, and resilience
This creates a reinforcing effect across the whole economy.
Further Measures
Alongside these core functions, a Jersey Bank could also:
• Work with the finance sector to channel capital into local opportunities
• Support innovation in sectors linked to the Island of Longevity, including health and wellbeing
• Align with government, ALBs, and States-Owned Entities to support strategic investment
• Operate on a commercial but mission-aligned basis, ensuring long-term sustainability
• Build confidence among investors that Jersey is investing in its own future
This is about creating a financial institution that reflects the island’s priorities.
Closing
Jersey’s finance industry connects us to the world.
A Jersey Bank would help ensure we remain connected to ourselves.
And we would not be starting from scratch.
Other jurisdictions have shown that this model can work – strengthening local economies while maintaining global reach.
If we continue as we are:
• capital will continue to flow through the island
• but not always into it
If we act:
• more investment supports local priorities
• more businesses can grow
• and the island becomes more resilient
This is the kind of practical reform I will argue for – ensuring that capital works for Jersey as well as passing through it.
And I would genuinely welcome your view:
Where do you think better access to finance could make the biggest difference in Jersey?
Contact me on bernardplace2026.com or bernardplace2026@gmail.com
