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IWV In fact, its more likely to result in extra licence holders to kickstart new businessss to replace lost jobs. Mid you. That's a small price to pay if its successful. Dave Haslam You aren't wrong. The banking sector in particular is very vulnerable - owned by institutions who are having tough times and who must cut costs. Fortunately, most of the fund and fiduciary businesses are owned by local residents, which means that external shareholder pressure is less. However, those businesses are already outsourcing to places like Mauritius and Malta to cut costs - Guernsey is extremely expensive to employ bookkeepers, accountants and administrators. The finance industry is not too dissimilar to the retail industry. It has to evolve and move with the times. Regrettably, that does not augur well for Guernsey. Rocky times ahead, but we've been here before in the early 1980s when Tektronix, Manufacturers Hanover, First Chicago and other large employers pulled out. They were replaced, and Guernsey has to find a new way to replace them in what is a very different world today.