PLANS for the finance sector to contribute towards the budget of the body that promotes it have so far been backed by the industry.

But Guernsey International Business Association committee member Mike de Haaff said that while it recognised the importance of funding GuernseyFinance, he pointed out that the sector had already been contributing heavily to the partnership with time and money.

‘For example, at international conferences finance industry participants will assist GuernseyFinance by providing speakers, help man its stand and at round table events, such as the masterclasses, invite guests to attend,’ said Mr de Haaff.

‘The industry undertakes all of this support at its own cost, which has been estimated to be at least £500,000 per annum.

‘The consultation being undertaken is in regard to industry also contributing directly. Giba recognises that to ensure the island remains as a destination of choice for financial services GuernseyFinance must be adequately funded and is willing to work with government to achieve this.’

Consultation on how much the industry should pay towards GuernseyFinance began earlier this month and runs until 12 June.

The Commerce and Employment Department is welcoming responses from all parts of the business community and public.