The Bank of St Helena is a government-owned

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

based in the British Overseas Territory of

Saint Helena, Ascension and Tristan da Cunha Saint Helena, Ascension and Tristan da Cunha is a British Overseas Territory located in the South Atlantic and consisting of the island of Saint Helena, Ascension Island and the archipelago of Tristan da Cunha including Gough Island. Its name wa ...

. It operates branches on St Helena and Ascension Island. The Government of St. Helena owns 100% of the bank and operates it as a

parastatal A state-owned enterprise (SOE) is a government entity which is established or nationalised by the ''national government'' or ''provincial government'' by an executive order or an act of legislation in order to earn profit for the government ...

. The governor appoints the board of directors. The bank holds deposits of around SHP 73.2 million. On the asset side, lending accounts for SHP 16.5 million, and SHP 56.5 million is invested.

Services

The bank offers both current and savings accounts to personal customers, as well as business banking from its two offices, one in

Jamestown, Saint Helena Jamestown is the capital city of the British Overseas Territory of Saint Helena, Ascension and Tristan da Cunha, located on the island of Saint Helena in the South Atlantic Ocean. It is also the historic main settlement of the island and is on ...

, and the other in Georgetown, Ascension Island. The bank also offers services to tourists and others visiting Saint Helena and Ascension Island. 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 Bank Lloyds Bank plc is a British retail and commercial bank with branches across England and Wales. It has traditionally been considered one of the " Big Four" clearing banks. Lloyds Bank is the largest retail bank in Britain, and has an exte ...

, allowing its customers to use their banking network for

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the European mainland, continental mainland. It comprises England, Scotlan ...

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 Helena, issue the island's banknotes and coins. The Bank of St Helena is the island's only

and the island does not have a

central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central b ...

. The bank sets its own deposit and lending rates. As of April 2019 the maximum savings rate is 4% and the normal personal lending rate is 7%.

Local Debit Cards

Launched in 2017, Local Debit Cards are the easiest way to shop around St Helena without withdrawing cash. The cards have QR codes linked to the user's account and spending is debited instantly from the bank account. The cards are not accepted in all shops and stores around St Helena, but are available to use in the large shopping outlets and most small businesses found around the island. Local Debit Cards are only available to customers with a personal or business current account, and are free of charge.

Online Banking

Launched in 2013, online banking allows account holders to download statements, make local and international transfers, and set-up monthly journals. Online banking is available to personal account holders for £2 a month and to business account holders for £5 or £30 a month (depending on the package they choose).

History

The Banking Ordinance 2003 and the Bank of St Helena Ordinance 2003 established the bank on 1 April 2004. 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:

References

External links

* {{official website, https://sainthelenabank.com/
Government of St. Helena
Banks of the United Kingdom Economy of Saint Helena Banks established in 2004 Organisations based in Saint Helena 2004 establishments in Saint Helena and Dependencies Jamestown, Saint Helena