The European Payments Council has confirmed that from 1 May 2016
Guernsey will become part of the geographical scope of the direct
debit and credit transfer schemes of the Single Euro Payments Area
Commenting on the announcement, Guernsey's Commerce and
Employment Minister, Deputy Kevin Stewart, said the announcement
was excellent news.
"It gives those of our banks that wish to do so the
opportunity to join the SEPA direct debit and credit transfer
schemes, and thus to offer their customers the benefits that these
secure and efficient schemes provide for payments in euros. Not all
banks will necessarily wish to do so, but this provides them with
the choice. As many of our largest banks have operations in more
than one of the three islands, it is important that all three are
joining SEPA together."
In addition to Guernsey, Jersey and the Isle of Man have also
become part of the geographical scope. Deputy Stewart said the
announcement reflected a lot of hard and well-coordinated work over
several years by industry, government and regulators in the three
jurisdictions, working closely with their respective Brussels
"I also would like to take the opportunity to put on record
our appreciation for the excellent working relations we have
established with the European Payments Council (EPC), and also for
the support we have received from Payments UK," he said.
Javier Santamaría, Chair of the EPC, said: "I
welcome the fact that from 1 May Guernsey, Jersey and the Isle of
Man will be included in the geographic scope of the SEPA schemes.
The three jurisdictions are active European banking centres and
their inclusion in SEPA will represent a natural extension of the
scope of these schemes. I am pleased at the good cooperation that
has developed between the EPC and the three jurisdictions over the
course of the application process and we look forward to building
Andy Veron, Chairman of the Association of Guernsey Banks, said:
"The Association of Guernsey Banks welcomes the announcement
from the EPC. This initiative has been a good example of engagement
between local industry and government as we strive to ensure that
the best level of payment services can be delivered to our
Observing a recent discussion between the children of a successful entrepreneur, I was reminded once again of the potential impact of family members being provided with differing information about the family enterprise.
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