States bond: I would have borrowed more if I could have, says Deputy St Pier

HAD he thought it politically possible, Deputy Gavin St Pier has said he would have liked to borrow more for the States Bond.

Published 13 Oct 2017, 11:30am

The panel at yesterday’s public hearing regarding the handling of the States bond. Left to right, Deputy Chris Green (panel chair), non-States Members Gill Morris and Advocate Peter Harwood and Deputy Mark Dorey. (Picture by Adrian Miller, 19578095) / Guernsey Press

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This came out at the Scrutiny Management Committee’s public hearing, following its external review into the bond.

Started in 2015, the £330m. bond, 15% of the island’s GDP, is set to be used over 32 years to debt-fund large projects around the island.

Nearly three years in, only a fraction of the money has successfully been loaned on to fund projects such as these, leaving a large portion of it untouched.

Deputy St Pier said, however, if he had thought the States would have voted for an even larger bond, he would have put one forward, because he has ‘no doubt it will all be made use of’.