News about the bank
Here you can read and download news items related to the Bank of St. Helena. (For staff news please click here.) (For a selection of business-related news please click here.)
Where documents are in PDF format, to read them you will need a PDF reader (Version 6.0 or later). If you do not have one you can obtain one (free) from www.adobe.com. If you need information regarding visual impairment issues please consult the Adobe Accessibility website at http://access.adobe.com/. (The Bank of St. Helena takes no responsibility for external sites.)
(Retired news items can be read here.)
Index:
New Manager Takes Over (April 2008)
Direct Debit just got better! (March 2008)
Extended Opening Hours (February 2008)
Bank of St. Helena Adopts a Wirebird (January 2008)
Bank of St. Helena Base Rate (November 2007)
Direct Debit is here! (October 2007)
Loans secured on boats (September 2007)
PRESS RELEASE: New Life Account granted "pension scheme" status (September 2007)
The New Life Account (September 2007)
Directors’ Report and Audited Financial Statements for the Financial Year 2007/2008 (September 2008)
Do you own your vehicle? (June 2007)
It’s still Summer! (April 2007)
Important Announcement for Businesses (March 2007)
St Helena Government Press Release: Financial Services Policy Statement (February 2007)
ExCo pleased with bank progress (January 2007)
Change to Overseas Payments Procedure (January 2007)
Interest Rate Increased on Child Bond Savings Accounts (November 2006)
Investment Incentives for Local Businesses (November 2006)
Directors’ Report and Audited Financial Statements for the Financial Year 2005/2006 (July 2006)
Good News For Community Projects (May 2006)
Helping Young People Save for the Future (April 2006)
Cheque Book Scheme Launch (21 March 2006)
Good news regarding Stamp Duty on overdrafts secured on property (December 2005)
Travellers Cheques (June 2005)
Bank Charges and Registered Charities (May 2005)
New Manager Takes Over (April 2008)
With effect from 1st April 2008 Bank of St. Helena has a new Manager and Managing Director.
After working in banking overseas Ms Rosemary Bargo joined the bank’s predecessor, the Government Savings Bank, in 2003. She assisted with the creation of Bank of St. Helena, which took place in April 2004, and was appointed its Chief Operations Officer in August 2005, a role which has given her day-to-day management of all the operating activities of the bank.
To contact the new Manager please see our contact details page.
Click here to return to the index
Direct Debit just got better! (March 2008)
Bank of St. Helena is pleased to announce the successful completion of its Direct Debit Pilot, Phase 1. The Pilot has now moved into Phase 2.
When you sign up for Direct Debit from Bank of St. Helena, your bills are settled for you automatically, from your account.
In Phase 2 the service is extended to include Thorpe’s, so now customers of Thorpe’s can also have their monthly account bills settled by Direct Debit.
To sign up for Direct Debit, and have your monthly Thorpe’s bill pay itself, please contact Thorpe’s and request a form.
Please note that Direct Debit keeps you in control, so if you are one of the many people already paying your TV & Telephone bills by Direct Debit, you still need to sign up with Thorpe’s to have your Thorpe’s bills included in the scheme.
Click here to read more about Direct Debit.
Click here to return to the index
Extended Opening Hours (February 2008)
Bank of St. Helena is pleased to announce that it is extending its opening hours.
Starting from 13th February, the bank will remain open on Wednesday afternoons until 3pm. This applies to all the bank’s offices, in both St. Helena and Ascension Island.
Manager, John Turner, said "With the bank now open for longer hours our customers will find it easier to avoid the busy times."
Click here to see the bank’s opening hours.
Click here to return to the index
Bank of St. Helena Adopts a Wirebird (January 2008)
Bank of St. Helena is proud to announce that it has become the first organisation to adopt a wirebird.
The adopt-a wirebird scheme was announed by the St. Helena National Trust in December 2007. For more details visit the St. Helena National Trust’s website at www.nationaltrust.org.sh.
Click here to return to the index
Bank of St. Helena Base Rate (November 2007)
Bank of St. Helena is now operating a Base Rate.
Previously all account and lending interest rates were linked to the rate on the Ordinary Savings Account. Now they are linked to the bank’s Base Rate. To see the bank’s current Base Rate and interest rates please see here.
In addition the Ordinary Savings Account has now been renamed the "Current Account", a name which better describes its function.
Click here to return to the index
Direct Debit is here! (October 2007)
Bank of St. Helena is pleased to announce that its pilot Direct Debit scheme, being run in conjunction with Cable & Wireless in St. Helena, has begun.
Direct Debit makes your life easier by settling your bills automatically for you, from your account. You need never worry again about remembering to pay your bill!
Click here to read more about Direct Debit and how it can make your life easier.
At present this is a pilot scheme which is restricted to bills issued by Cable & Wireless in St. Helena only. Upon successful completion of the pilot the scheme will be expanded to include other billing organisations.
Click here to return to the index
Loans secured on boats (September 2007)
Bank of St. Helena regrets that, due to a change in the insurance available, loans secured on boats will henceforth be charged at the unsecured lending rate (Please see our Rates page for current rates).
The insurers have changed the terms of the insurance such that boats are no longer covered when they are moored, which greatly increases the risk that the boat will be lost uninsured.
The bank will assist borrowers in transferring their loan to another type of security (e.g. land or property), and will waive its loan applications fees for borrowers who do so.
The bank regrets the need to make this change, caused by an alteration to the insurance available which is outside the bank’s control.
Click here to return to the index
PRESS RELEASE: New Life Account granted "pension scheme" status (September 2007)
Bank of St. Helena is pleased to announce that its New Life Account has been granted "pension scheme" status by the St. Helena Commissioner of Income Tax, under the Tax Ordinance (Cap 146) Schedule II, Allowance E.
This means that persons holding a New Life Account can apply to the Commissioner of Income Tax to be able to make payments into the account from their income without deduction of income tax, as described in the above schedule.
For more information on the requirements of the schedule and how to apply for "pension scheme" status please contact the St. Helena Government Tax Office.
For more information on the New Life Account please see here or contact us.
Click here to return to the index
The New Life Account (September 2007)
Bank of St. Helena is pleased to announce the New Life Account, which will help you save for the opportunities in your new life, at retirement age.
In summary:
Pay in any amount at any time
Receive 5% interest per annum, 1% more than our normal accounts(all rates variable)
Your investment is paid out when your reach 60
For details see the "Higher Interest Savings Accounts" section of the services pages, or visit any office of the bank.
Click here to return to the index
Directors’ Report and Audited Financial Statements for the Financial Year 2007/2008 (September 2008)
The directors are pleased to report that the
bank has achieved a further year of growth.
The
decline in profit this year was contributed by the bank’s investment in UK
Government securities in which UK interest rates are relatively low, the
introduction of a Retirement Bonded Savings Account with a 1% APR above the
current base rate and the reduction of Commercial Loan rates by 1% and the
removal of the charge levied for the purchase of foreign currency.
Lending is a major contributor to the
Island’s economy and this year’s figures reported a growth of 18%.
The bank had a decrease in income and an increase in cost this year which
resulted in a post-tax profit of £30,954 for the year. The post-tax profit will
mostly be taken into the bank’s reserves, to strengthen the bank’s ability
to lend and provide capital for future investment.
The reserves have grown steadily since the creation of the bank in April
2004. In keeping with its community, social and strategic objectives the bank
will also release a proportion of this profit for community projects, and for
the purchase and refurbishment of the new bank building in 2008/2009.
The Bank’s supervisory body, the Banking
Supervisory Authority of St Helena, received regular financial information from
the bank and reviewed the bank’s operations in January 2008.
The Supervisory Authority confirmed that the bank had met all the
requirements of the Banking Ordinance.
Looking forward, the main matter of concern is the profitability of the
bank. Relatively low UK interest
rates have reduced the bank’s earnings from UK Government securities.
This means that unless UK long term interest rates increase there is no
scope for offering a higher rate of interest on deposits.
The bank continues to develop its
infrastructure and range of services, to ensure that it supports the needs of
its customers, allowing them to address the opportunities and challenges of the
future. Many positive comments
continue to be received about the operation of the bank, and the directors and
Staff Look forward to continued success in 2008/2009.
The full Directors’ Report and Audited Financial Statements for the Financial Year 2007/2008 can be downloaded from this website and a printed copy is available for reading in every office of the bank.
Click here to return to the index
Do you own your vehicle? (June 2007)
If you bought your vehicle in St. Helena or on Ascension, did you check that the seller had paid off their car loan? If not you may not fully own your vehicle (see below for details).
If you bought your vehicle with a loan from the Bank of St. Helena you do not have to worry - the bank has already made this check for you. If you paid cash, and you’re not sure whether you fully own your vehicle this is what to do:
Call the Bank of St. Helena lending area on (+290) 2175 during normal office hours;
Quote your vehicle registration number and ask if there is a charge on your vehicle;
if there is, the bank will tell you what to do next.
Car Loan Rules
When someone takes out a car or other vehicle loan from Bank of St. Helena they sign to say that they will not sell the vehicle without the written permission of the bank. The exact wording is "Should you wish to sell any of the assets pledged as security for the loan you will first need to obtain written consent from the Bank." If the vehicle is sold without this permission the sale is invalid, even if the change of ownership has been registered by the police. If you are the buyer in such a case, you do not fully own the vehicle.
Click here to return to the index
It’s still Summer! (April 2007)
The calendar may say it’s Autumn but at Bank of St. Helena it’s still Summer.
The "Summer Sale" on Cheque Books is continuing.
New cheque books and renewals remain free until 31st March 2008.
Cheque books are issued subject to status and must be requested on the application form, available from the bank or this website. After 31st March 2008 normal charges will apply.
Click here to return to the index
Important Announcement for Businesses (March 2007)
Bank of St. Helena is pleased to announce that, with effect from 1st April 2007, it is making some changes to benefit business and other customers.
The changes are detailed in this week’s newspapers (click here for a copy of the notice). In summary they are:
|
|
|
These changes will support and encourage the development of private-sector businesses on St. Helena and will, directly or indirectly, help all customers.
Please click here for the detailed notice as published in the St. Helena newspapers on 30th March 2007.
Bank of St. Helena - Building for the Future
Click here to return to the index
St Helena Government Press Release: Financial Services Policy Statement (February 2007)
St Helena Government
Public Relations/Information Office, Office of the Chief Secretary, The Castle
Executive Council has approved the St Helena Government Financial Services Policy Statement which is designed to help SHG prevent activities such as money laundering or the financing of terrorism.
Consultation on this matter has taken place with the Foreign and Commonwealth Office, the Department For International Development and the Banking Supervisor, and, like the Executive Council, they were all keen for St Helena to have the relevant policy statement and legislation in place.
This should protect the reputation and financial integrity of St Helena and promote confidence in the emerging local financial sector.
The policy states SHG’s intention to introduce legislation to prohibit the provision of financial services in or from St Helena without a licence and such licences will only be issued to fit and proper persons whose business is strictly limited to the provision of services to the local community. This will allow for the development of domestic financial services, which can meet the needs of the Island.
The legislation will create a new Supervisory Authority which will oversee the regulation and supervision of banking and financial services. This authority will have wide-ranging powers to license and supervise activities under the legislation. They will also be able to investigate and take enforcement action against those suspected of breaches of the legislation.
In addition the legislation will include measures to ensure that financial products are marketed and transacted in an appropriate manner.
The relevant legislation will be coordinated through the Attorney General’s Chambers and will need to be approved by Legislative Council.
A copy of the Financial Services Policy Statement will be posted on the St Helena Government Website: www.sainthelena.gov.sh and copies have also been placed in the Public Library.
Public Relations/Information Office
Office of the Chief Secretary
21 February 2007
Click here to return to the index
ExCo pleased with bank progress (January 2007)
A Press Release issued by the Office of the Chief Secretary regarding the executive Council meeting held on 23 January 2007 reports that "The Banking Supervisory Authority of St Helena recently submitted a report to the Governor on the Bank of St Helena and its operations during the twelve months ending December 2006. Council noted submission of the report, and was particularly pleased with the progress in growth of deposits and lending."
A copy of the bank’s latest Directors’ Report and Audited Financial Statements can be found in the Documents section.
Click here to return to the index
Change to Overseas Payments Procedure (January 2007)
To comply with international agreements on the prevention of money laundering it is necessary for the bank to make a change to the procedure for making overseas payments.
With immediate effect it will only be possible to make overseas payments from an account held at Bank of St. Helena.
Customers wishing to make payments in cash must first pay the cash into their account and than make the payment from their account.
Customers who need to make such payments and who do not currently have an account with Bank of St. Helena are advised to open one at their earliest opportunity, to avoid delay when a payment needs to be made.
Click here to return to the index
Interest Rate Increased on Child Bond Savings Accounts (November 2006)
In April Bank of St. Helena announced the Child Bond Savings Account, with more interest for children and young people.
Following a review the bank is now able to increase the interest rate on these accounts.
With effect from Friday 10th November the rate of interest on these accounts will be increased to 2% above our ordinary account rate, that is a current rate of 6%.
All other terms and conditions remain the same. Please contact the bank for more details.
Click here to return to the index
Investment Incentives for Local Businesses (November 2006)
A joint initiative by The Bank of Saint Helena, The Saint Helena Development Agency and Saint Helena Government
St. Helena can benefit from the business opportunities that the forthcoming airport will offer, and the Bank, SHDA and SHG all wish to encourage local people to take full advantage of these.
Some local businesses are finding it hard to invest, either because they cannot provide sufficient security to cover a loan from the bank; or because lack of profitability before the airport arrives is making it hard to invest in advance.
The Bank, SHDA and SHG have therefore agreed a scheme to promote and support such investment.
The scheme provides:
Access to additional security to back bank loans; and
Tax incentives for investing businesses
Initially the scheme is being run as a pilot, so is limited to specific airport-related business areas. If the pilot is successful it is planned that the scheme will be expanded.
To find out more about the scheme please contact the Bank of St. Helena or SHDA.
Click here to return to the index
Directors’ Report and Audited Financial Statements for the Financial Year 2005/2006 (July 2006)
Bank of St. Helena is pleased to publish its Directors’ Report and Audited Financial Statements for the Financial Year 2005/2006.
The bank has shown further strong growth this year, and is poised for a continuation of this in 2006/2007.
The Bank made a profit of GBP 111,070, which will rebuild the bank’s reserves, depleted in previous years by the costs associated with creating the bank and setting up its modern computer systems.
The lending book expanded by over 130 percent. Lending supports economic growth, and will be an important part of the economic uplift that the 2005 Air Access decision is expected to provide.
The bank has again introduced more useful tools to assist its customers, including:
Cheque books, making it easier for people to shop and pay bills;
Overdrafts for business customers, a more flexible way to borrow; and
The sale of Travellers Cheques, to help customers carry their travel money securely.
The Directors continue to develop the bank’s services and infrastructure to ensure that the bank supports the needs of its customers and can address the opportunities and challenges of the future.
The full Directors’ Report and Audited Financial Statements for the Financial Year 2005/2006 can be downloaded from this website and a printed copy is available for reading in every office.
Click here to return to the index
Good News For Community Projects (May 2006)
Bank of St. Helena has set up a fund to provide donations to community projects within St. Helena and Ascension Island.
The "Bank of St. Helena Community Projects Fund" will support activities and projects that develop St. Helena’s Young People; Environment; or Arts & Culture.
Details of the fund and application process are in the Community Projects Fund Guide which can be obtained from the bank or downloaded from this website.
Click here to return to the index
Helping Young People Save for the Future (April 2006)
Bank of St. Helena has now launched a new type of Savings Account, to help young people save for their future.
The new account offers a higher interest rate.
The key features of the new Child Bond Savings Account are:
More Interest. Money in the account will earn interest at 1 percent above the normal account rate (currently, that means the account will earn interest at 5 percent per annum).
Unlimited deposits. Pay in any amount, at any time.
The account can be opened for anyone who is under 17 years of age at the time of opening.
Withdrawals are not permitted until the account holder reaches the age of 18.
Anyone wishing to open a Child Bond Savings Account should obtain an application form from any office of the Bank of St. Helena, or download one from the documents section.
NOTES
The bank’s Terms & Conditions apply to Child Bond Savings Accounts.
Interest is calculated on the daily balance and added annually to the account.
The account can be opened by any person as long as it is opened in the name of a qualifying person.
A birth certificate or other suitable form of identification must be presented.
Joint accounts are not permitted.
Existing accounts held by under 18s are not affected and will not be altered by this announcement.
Click here to return to the index
Cheque Book Scheme Launch (21 March 2006)
Bank of St. Helena is pleased to announce that the pilot Cheque Book Scheme has been successfully completed and the full scheme is now in full operation.
The bank wishes to thank all the customers who participated in the pilot for their support and invaluable feedback.
From the date of this notice anyone aged 18 years or over who holds a Current Account at the bank may apply for a cheque book. Please note, however, that cheque books will only be issued to customers who accept the bank’s Terms & Conditions of issue and who have demonstrated to the banks satisfaction that their account is well managed.
Application forms are available from the bank, both in St. Helena and Ascension Island, and can be downloaded from this website.
If your application is successful you will be required to pay a small fee to cover the cost of printing your cheque book. This is currently GBP5 for a book of 50 cheques.
The use of cheques remains free to both drawer and acceptor.
If you have any queries about the scheme please ask at the bank or see our Documents section, where you can download the full Terms & Conditions and guidance notes.
Click here to return to the index
Good news regarding Stamp Duty on overdrafts secured on property (December 2005)
Previously, where an overdraft was secured on property, it was necessary for the borrower to pay St. Helena stamp duty, calculated on the value of the overdraft limit set, and payable each time the overdraft limit was renewed (normally, annually).
Following representations from the Bank of St. Helena, the Stamp Duty rules have been revised, and borrowers will now pay only a fixed Stamp Duty of GBP10 when the overdraft is first agreed.
Bank of St. Helena warmly welcomes this move, which will help stimulate business growth in St. Helena.
The Government press release on this subject is reproduced below:
Government Acts to Stimulate Investment
A recent review by the Financial Secretary revealed two aspects of the Stamp Duty rules which appeared to be inhibiting the development of the private sector.
Local businesses were found to be reluctant to incorporate companies because of Stamp Duty payable when assets are transferred from the individuals to the new company. Separately, it appeared that the way Stamp Duty applied to bank overdraft arrangements was making people reluctant to fund investment by borrowing.
The Stamp Duties Order 2005 seeks to resolve both issues. An exemption is created so that Stamp Duty is not payable on a transfer of land made by the incorporators to a new company within three months of the formation of the company.
Separately, an amendment to the section dealing with Stamp Duty on mortgages will mean (when applied along with a revision of the legal form, on which the Attorney General is having discussions with Bank of St. Helena) that a single fixed duty of GBP10 will be due when an overdraft is first arranged. Previously, the fee recurred annually and was related to the amount of the overdraft.
Enquiries about the new Duties may be addressed to the Attorney General, at Essex House; those about company formation to the Registrar of Companies (also in Essex House). Information about Bank of St. Helena lending facilities is available from the Bank.
Public Relations/Information Office
Office of the Chief Secretary
22 December 2005
Click here to return to the index
Travellers Cheques (June 2005)
The Bank of St. Helena is pleased to announce that it is now able to sell Travellers Cheques to customers.
Travellers Cheques are a secure way to carry funds when travelling outside St. Helena. Not only are they much less useful to a thief than cash, but if they are lost or stolen, the holder can claim a refund from the issuer.
Bank of St. Helena now has American Express Travellers Cheques® on sale in GBP50 denominations. These can be purchased at the bank in Jamestown either for cash or by debit to your Current Account.
Travellers Cheques can be encashed for local currency in most countries, at banks, at larger hotels and in many shops. They are useable onboard the RMS St. Helena.
Bank of St. Helena charges 1 percent of the face value for the issue of Travellers Cheques. You may be required to pay further costs at the point of encashment - please ask there for details.
Click here to return to the index
Bank Charges and Registered Charities (May 2005)
The Bank of St. Helena recognises that much important work is done by voluntary bodies. The bank is therefore pleased to announce that, with effect from 1st June, organisations which are registered as Charities under the new Registered Charities Ordinance will be able to apply to the bank for exemption from all non-interest bank charges.
Please contact the bank for further details.
Click here to return to the index