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Circuit break lockdown 2.0 - Conister Bank'sĀ office will be open for customers with reduced opening hours between 10am and 2pm
From 12th January theĀ Conister BankĀ office will be open for customers with reduced opening hours between 10am and 2pm. If a customer wishes to visit our office an appointment must be made beforehand.
Keeping you and our staff safe during this time is our main priority and we ask that if you have no alternative other than to visit our office, this must be done with the highest level of diligence in line with Government guidelines.
When entering our reception area, we politely ask that our customers:
āStay 2 metres apart
āUse the hand sanitiser provided
āKeep the visit short
āStay behind the partition
āCough or sneeze into your elbow
To make an appointment please call 694694 or emailĀ info@conisterbank.co.im
Conister Bank will close the office from Thursday 7th January 2021 to follow Government guidance.
We are currently entering into Level 4 (Lockdown) under the Isle of Man Government COVID-19 Response Levels.
The office is CLOSED from Thursday 7th January until further notice. It is 'business as usual' as our staff are here to help as they will continue to work from home and follow Government guidance.
Conister Bank takes the safety and welfare of its staff and customers very seriously. We apologise for any inconvenience caused.
We are here to help, get in touch at 694694 or email info@conisterbank.co.im
Working Capital Loans from Conister Bank
Whilst Conister Bank isnāt on the front-line in the fight against Covid-19, that hasnāt stopped us from providing our own support to those that have needed it.
Throughout lockdown, we have tailored our products and services to support local customers and businesses, who, through no fault of their own have faced financial challenges.
As we enter the second half of 2020 in such uncertain times with many unknowns, Conister Bankās message is that we are here to work with both existing, new customers and business owners who may be experiencing shifts in their business.
Conister Bank has been working closely with the Isle of Man Government to assist local businesses that have been unable to access funding via their banks or do not qualify for assistance via the Disruption Loan Guarantee Agreement.
The new Working Capital Loan is designed to provide a lifeline to businesses and maybe the difference between surviving or not. These loans can help alleviate cash flow issues and assist with wages, running costs, bills, ongoing projects and rental costs.
With Isle of Man Government backing, the Working Capital Loan is structured to ease the pressure of making sizeable capital repayments in the first year, giving your business a chance to regain momentum as the Island returns to some resemblance of normality.
Conister Bankās parent company Manx Financial Group PLC announces a 11.5% growth in profit year on year.
Profits at the locally based financial services group, which includes Conister Bank Limited, Edgewater Associates Limited and Manx FX Limited, have continued to increase since their latest published results.
Manx Financial Group PLCās full-year results were published this week and highlighted yet another successful year for the Group.
Jim Mellon, Executive Chairman, commented: āI am pleased to announce that the outcome for 2019 showed a significant increase in profitability in comparison to 2018, finishing the year with an 11.54% uplift. We continued to strengthen our balance sheet, with a significant increase in liquidity, which has prepared us well for dealing with the issues surrounding COVID-19.ā
Conister Bank continues to perform with profits of Ā£2.6 million before tax which is an increase of 18% compared to last year. Total assets have grown by 28.7% to Ā£245.7 million.
Douglas Grant, Managing Director of Conister Bank, commented on the Bankās performance, ā2019 was another year of progress for Conister Bank, continuing our positive momentum across our major markets. Advances during the year more than doubled the level achieved just two years ago, with lending Ā£51.7 million ahead of last year at Ā£153.8 million.
We are proud to be the islandās only independent community bank and we will continue to stand fast and support local businesses, their employees and their families.ā
QuickPay - New facility for Customers to make a payment online
Conister Bank now offers our customers the ability to make a loan payment through the Conister Bank Payment Portal referred to as QuickPay. This means you donāt have to call or email an advisor to make a payment against your account but can do so through QuickPay through our website.
Appointment of new Non-Executive Directors
Conister Bank Limited, the Islandās leading independent bank, is pleased to announce the appointment of two new Isle of Man based non-executive Directors, Sam Skelton and John Spellman. These appointments have been made to add additional NED experience to the Bankās board as it continues to innovate its deposit and loan offering on Island.
Sam Skelton is joining the Board of Conister Bank Limited with immediate effect bringing with him a wealth of banking and financial experience gained during his 32-year career working for the RBS Group both in the U.K. and in the Isle of Man.
Sam is an economics graduate, and within the wider RBS Group, Sam held a number of key roles throughout his career including director for Coutts International Ltd and director and chairman for Lombard Isle of Man Ltd.
In joining the Board Sam said āItās a great privilege to have this opportunity to join a local bank which has such a long history and fine pedigree with a true go-ahead attitude underpinned by such great staff and customers.
Itās accepted these are very challenging times for us all but I genuinely feel Conister Bank has and will continue to make a difference in supporting businesses and individuals to get through these difficulties and I hope in some small way to compliment Douglas Grant and his fellow executive directors in leading the Bank through to a more normal business environment.ā
John Spellman is joining the Boards of Conister Bank Limited and its parent company, Manx Financial Group PLC, with immediate effect.
During Johnās career, he gained experience in banking, fund management and accountancy, specialising in various parts of the offshore industry. John has also worked with, and created, a number of successful locally based businesses and acted as a strategic advisor to the Government, specialising in the finance sector and foreign direct investment.
In joining the Boards John said āI am delighted to join the Boards of Conister Bank and Manx Financial Group. I hope to use my experience to help support the business to further success in the future.ā
Douglas Grant, Managing Director of Conister Bank Limited, commented: āon behalf of everyone at Conister Bank and Manx Financial Group, I am delighted to welcome Sam and John to our Boards. Both are highly regarded in their respective fields and I look forward to their valuable insights as we continue to expand our operations both on Island and further afield."
Swift action by Conister ensures emergency business loans are now available
Conister Bank Limitedās emergency coronavirus business loans are now available, following a rapid response to the crisis.
Last week, the independent bank announced it had set aside Ā£10 million to provide loans to businesses negatively impacted by the coronavirus and the cancellation of this yearās TT races.
Conister Bank is offering an interest-only repayment period of 12 months for these loans, followed by a one to five-year settlement period reflecting the wishes of the business. Also, the bank will half its charges on the settlement period of the loan.
Managing Director, Douglas Grant, said: āOne of our greatest strengths as an independent bank is that we can act quickly to help the community in an evolving situation. With the crisis caused by the spread of the coronavirus, the cancellation of the TT, and cessation of nearly all flights, we recognise this is an extraordinary situation. We at Conister Bank are determined to help in any way we can to assist the community-wide effort to see the Isle of Man through this challenging time.ā
He added: āOur staff have worked incredibly quickly to ensure these loans are available now when local businesses need them.ā
To find out more about the loans, contact Conister on 694694 or apply online http://conistebank.co.im
Why local knowledge matters in a global crisis
At a time of crisis, sometimes it can be the smaller, independent businesses that are best positioned to cope with the challenges being faced.
With the spread of Covid -19 across the globe starting to have a serious impact on economies, coupled with ā from an Isle of Man point of view ā the collapse of Flybe, the island is facing serious challenges.
A strong business sector should help to stand the island in good stead. Most major corporations will have already drawn up or will be in the process of drawing up an action plan to deal with the developing situation with regard to Covid-19. But sometimes, the nature of big business can mean that it takes a while for all the details to be addressed, especially at a local level. And that is where an independent business, fully integrated within its community, can show the value of local knowledge and close community links.
Business decisions can be made locally, tailored to specific needs, in a quicker response than might be the case for a corporation operating at a global level. For instance, as an independent organisation, Conister Bank was able to start work on a contingency plan as soon as the potential seriousness of Covid-19 became apparent.
As an island-based bank, we can move to support local businesses in the face of what is a huge, but hopefully temporary, economic shock. That is not just altruism, it is good for the economy in general. Keeping the economy strong ā and helping small businesses to withstand the storm will assist with that ā is important for all businesses.
And it will also send out a strong message: that the Isle of Man is built to withstand the greatest of pressures. Similarly, we were able to have a bespoke plan for a no-deal Brexit and its impact on the Isle of Man.
World events have dominated the economic landscape at the moment and the full impact on smaller organisations is hard to measure. By listening to the needs of the community you serve, you can help the economy to deal with whatever is thrown at it. But there is another challenge that many smaller businesses face and that is what can be perceived as the uneven spread of liquidity ā cash flow ā available to smaller organisations.
Again, that is where an independent bank can play its part, by offering something different from the larger organisations and, once again, supporting the local economy by backing local businesses and offering cash flow solutions.
There are many different ways this can be done. At Conister, we have launched a number of notice accounts, which are specifically aimed at both businesses and individuals who have suffered from a lack of yield since the recession in 2008. There are other things that can assist a small business. For instance, an annual insurance payment that falls at the wrong time of the year could be problematic for a business on tight margins. But if you can break that down into a number of payments over the year, for instance monthly, that can ease the pressure.
Whether it be contingency plans for major events such as Brexit or the Covid-19 outbreak, or more localised issues, the important point to this is that a business which its base and focus in the Isle of man can often find itself in a better position to support businesses and individuals.
It enables a bank like Conister to be there to help both individuals and the community through assisting businesses with their liquidity. Ensuring the distribution of liquidity is fair for businesses both large and small is one way of doing this.
The island has a robust political and regulatory environment, which encourages business. While larger banks may have their decision-making taking place in a different country, an independent bank has the freedom to act locally and often more quickly. Such a position has enabled Conister to develop liquidity plans to help businesses through situations such as a no-deal Brexit and negating the impact of Covid-19.
A bank that is in a position to introduce new products, such as deposit accounts, designed specifically for a localised customer base, is well-placed to help local businesses to deal with whatever threat may come along. The small business market in the Isle of Man has a solid base and that allows a bank to identify the opportunities to help cement that by offering the right product. It is in a bankās interests to accommodate the needs of its customers. The net result is for a more active economy.
A common theme coming out of government is ānation buildingā. That includes at an economic level.
It makes good business sense for independent, island-based organisations, to tailor products to the local demand. Ultimately, the benefit will be for the island as whole.
Conister Bank customers affected by coronavirus
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We understand that there may be circumstances where a customer, personal or business, may fall into financial difficulty as a result of the impacts of Coronavirus.
Conister Bank will review customersā situations on a ācase-by-caseā basis and will consider a number of options to help our customers manage their finances.
We are monitoring the potential impact of Coronavirus across all our customers to ensure we can support them appropriately through any period of disruption.
We would encourage any customer experiencing financial difficulty to get in touch with us immediately.
Andrew Moody settling in well to life at Conister Bank
At the end of the summer, Conister Bankās Isle of Man sales team welcomed newest recruit Andrew Moody as Sales Manager. Since then, Andrew has been busy learning the ropes, getting to know the bankās customers, and adding a new dimension of skills and experience to the team.
Andrewās primary focus as Sales Manager is Conisterās online lending systems and its network of Approved Partners. This is a new role which has been specially created to meet the increasing demand for the bankās online services and to ensure that Conister Bank maintains the position of being the dominant lender on the Island.
āIām excited by this fresh challenge and eager to put my ideas and plans into placeā says Andrew. āIāve hit the ground running and itās been a great couple of months meeting new people and understanding how Conister Bank contributes to the Islandās people and economy.ā
āAndy Bass, Head of Sales for the Isle of Man business, comments, āThe demand for our online services has been so strong that we took the decision to create this role, which is a demonstration of our commitment to the Isle of Manās lending market. I am delighted to have Andrew in the team, working alongside Tom Charmer and Lee Gale.
āThis really is an exciting time for Conister Bank and for our customers. We have strategically built an excellent sales team; we offer unrivalled customer service; and our online lending system allows our customers the flexibility to apply for finance 24/7. I am extremely proud of our recent achievements as we approach our 85th year in business.ā
