Bank of St. Helena
Encyclopedia
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
based on the British overseas territory of Saint Helena
Saint Helena
Saint Helena , named after St Helena of Constantinople, is an island of volcanic origin in the South Atlantic Ocean. It is part of the British overseas territory of Saint Helena, Ascension and Tristan da Cunha which also includes Ascension Island and the islands of Tristan da Cunha...
, also operating in the dependent territory of Ascension Island
Ascension Island
Ascension Island is an isolated volcanic island in the equatorial waters of the South Atlantic Ocean, around from the coast of Africa and from the coast of South America, which is roughly midway between the horn of South America and Africa...
. The Government of St. Helena owns 100% of the bank and operates it as a parastatal. The Governor appoints the board of Directors. The bank has a balance sheet of around SHP
Saint Helena pound
The Saint Helena pound is the currency of the Atlantic islands of Saint Helena and Ascension, which are constituents of the British overseas territory of Saint Helena, Ascension and Tristan da Cunha...
33 million. Lending accounts for SHP 5.4 million, and SHP 24.5 million is invested in UK Gilts.(2006/2007 figures)
Services
The bank offers both current and savings accounts to personal customers, as well as business banking from two offices in Jamestown, Saint HelenaJamestown, Saint Helena
Jamestown is the capital and historic chief settlement of the island of Saint Helena, in the South Atlantic Ocean. Located on the island's north-western coast, it is the island's port, with facilities for unloading goods delivered to the island, and the centre of the island's road and...
, and Georgetown, Ascension Island
Georgetown, Ascension Island
Georgetown is the capital and chief settlement of Ascension Island, situated on the west coast of the island.The town is centred around St Mary's Church, part of the Anglican Diocese of St Helena and the former Exiles Club, which is on the site of the original Royal Marines barracks from the times...
.
The bank also offers services to tourists and others visiting Saint Helena
Saint Helena
Saint Helena , named after St Helena of Constantinople, is an island of volcanic origin in the South Atlantic Ocean. It is part of the British overseas territory of Saint Helena, Ascension and Tristan da Cunha which also includes Ascension Island and the islands of Tristan da Cunha...
and Ascension Island
Ascension Island
Ascension Island is an isolated volcanic island in the equatorial waters of the South Atlantic Ocean, around from the coast of Africa and from the coast of South America, which is roughly midway between the horn of South America and Africa...
. These include currency exchange, encashment of traveller's cheques and providing cash advances on selected credit/debit cards.
The bank maintains a relationship with Lloyds TSB Bank, allowing its customers to use their banking network for United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
and international money transmission.
Current details of the bank's services are available on its website.
Money and banking on Saint Helena
The Currency Commissioners, part of the government of Saint HelenaPolitics of Saint Helena
Politics of Saint Helena takes place in a framework of limited self-government as a dependent territory of the United Kingdom, whereby the Governor is the head of government. Saint Helena, an island in the southern Atlantic Ocean, is a part of the British overseas territory of Saint Helena,...
, issue the island's banknotes and coins. Bank of St Helena is the island's only bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
and the island does not have a central bank
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
. The bank sets its own deposit and lending rates. As at May 2011 the ordinary savings rate is 2% and the normal personal lending rate is 7%.
History
The bank was formed on 1 April 2004, by the Banking Ordinance 2003 and the Bank of St Helena Ordinance 2003. The bank inherited the assets and liabilities of the Government Savings Bank (in Saint Helena) and the Ascension Island Savings Bank.The Government Savings Bank in St Helena had been established in 1865.
The bank's first Manager was Richard Winch. The full list of Managers is as follows:
| Richard Winch | 1 April 2004 to 31 March 2005 |
| John Turner | 1 April 2005 to 31 March 2008 |
| Rosemary Bargo | 1 April 2008 to date |