The Financial Services Regulatory Authority (FSRA) and the Bank of Saint Helena Ltd (BOSH) note the correspondence in the Independent newspaper of Friday, 2 February 2018, and it wishes to take this opportunity to assure the public that, contrary to suggestions contained in Mrs Wilmot’s letter, all depositors’ funds in BOSH are safe and secure. The highest standards of regulatory oversight are applied by the FSRA to the financial services providers on St Helena. The Chairman of the FSRA (Chris Duncan and his successor Charles Ilako are on-Island at present) and Chris Duncan has been keen to reiterate this assurance.

It is a matter of grave concern that the confidentiality measures which apply between a Bank and its customer have been breached in this case. Mrs Wilmot is, of course, entitled to her own views, but not her own facts, her letter unfortunately contains errors of fact.

Discussions are continuing between the Bank and its customer (Saint Helena Hotel Development Ltd) with a view to establishing a satisfactory solution to the financial matters which have now arisen from the hotel project.

All parties are mindful of the need for great care, sensitivity and protection of all stakeholders’ interests.

Chris Duncan

Chairman of the Financial Services Regulatory Authority

5 February 2018

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