EXCLUSIVE: How the banking sector is coping with the Covid crisis

Gibraltar has been a long established focal point as a provider of international banking services, going as far back as the 19th century meeting the demand created by international trade at the entry point of the Mediterranean.

The modern day Gibraltar banking sector is a mix of global banking institutions, private and investment banks, and building societies.

The Gibraltar Banking Association (GBA) is positive over the response of the banking sector, and believes that the sector has coped remarkably well during the Covid crises.

MEETING CLIENT NEEDS

Overall the biggest challenge was to meet client needs, yet as an industry the banking sector is prepared to meet this task head-on.

Already banks had work from home and remote access schemes in place according to the GBA.

It was a matter of how quickly these schemes could be rolled out and expanded further.

Banks also had developed contingency plans and offsite disaster recovery centres to where staff could be decamped, thus being able to ensuring the ability to carry out client services while keeping staff protected.

The GBA has also worked closely with the government and the Gibraltar Financial Services Commission (GFSC) since the beginning of the crisis, with the vision of safeguarding business and staff.

And through the Gibraltar Finance Centre Council, the GBA has participated in the Covid Emergency Liaison & Advisory Committee, which comprises of many organisations such as the government and the Gibraltar Chamber of Commerce, to assist the economy.

Foreign exchange banking and solutions company moneycorps Bank have also faced the headwinds that have been created by Covid-19 in the Gibraltar finance market.

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23-07-2020 PANORAMAdailyGIBRALTAR