• Strategy

    Strategy

    FIDC is one of the principal partners in the development and delivery of the Economic, Rural and Tourism Development Strategies. FIDC will help delivery these strategies by leading a number of key strategic projects that will aid the development of the Falklands’ economy.
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Strategic

 

Phase I

Initial research was conducted to evaluate whether a credit union would be suitable for the Falkland Islands.  The research consisted of investigating the functions, structure, membership, products and services, and purpose of a credit union, as well as a brief look at relevant Falkland Ordinances carried out by FIG Crown Council.  This information was contained in a Board paper presented to FIDB in June 2012.  The Paper also recommended that further research be conducted and for contact to be made with credit unions and credit union associations.  The Board approved the recommendations and subsequently we made contact with WOCCU.  A number of discussions were held with their CEO, Brian Branch.

As a result of the discussions with WOCCU, Dwayne Naylor, Consultant at WOCCU, visited the Falkland Islands in April 2013 as part of his research in evaluating the suitability of establishing a credit union in the Falkland Islands.  During this visit he met with a number of FIG Directors and Heads of Departments, and private sector individuals to discuss the financial services currently offered in the Falkland Islands.  The discussions provided documentation and feedback regarding the suitability of the credit union business model in the Falkland Islands.

In September 2013, Mr Naylor submitted his findings in a Report to us and the WOCCU.

pdf pdf  Credit Union Suitability Study (Phase I) (1.31 MB)

 

Phase II

The September 2013 Report became the focus for a phase of public consultation to be held in the Falkland Islands.  Mr Naylor returned to the Falkland Islands for his second site visit to assist the public consultation for our Credit Union project.  Mr Naylor arrived in the islands on the 26th October and departed on the 2nd November 2013.  During his week in the Falkland Islands, Mr Naylor worked with our Business Relations Manager, and our Development Intern.

Mr Naylor had interviews with FITV, FIRS and the Penguin News to discuss the credit union project and to promote the public consultation.  They also met with the FIG Chief Executive, FIG Head of Policy, FIG Head of Finance, FIG Head of Legal Services, the Falkland Island Chamber of Commerce, RBA and FIFCA to discuss the suitability of credit unions in the Falkland Islands.  Two public presentations based on the WOCCU suitability study were also held to open discussion and better inform the public on the project and the credit union business model.  The presentation held in Stanley attracted nine people and the presentation in Camp attracted 17 people.

pdf  Credit Union Consultation - Public Presentation (222.22 kB)

The public were strongly encouraged to complete and return a credit union survey, which was widely distributed, before the deadline of the 29th November 2013.  We received a total of 52 completed surveys.  The highlights of the results of the survey were;

The highlights of the results are as follows;

  • 96% of respondents believe that there is a need for alternative banking services in the Falkland Islands;
  • 92% of respondents believed that a credit union could be a viable solution in providing an alternative source of banking services in the Falkland Islands;
  • Respondents identified Community Adoption (56%), Capital (44%) and Regulation (38%) as the three largest barriers for establishing a credit union in the Falkland Islands;
  • 77% of respondents would open a personal account in the Falkland Islands credit union;
  • 19% of respondents would initially deposit £5,000+ in their credit union account. 

Subsequently, we, along with the WOCCU, produced reports based on Phase II.  A brief is provided below for each report;

The FIDC Credit Union Consultation - Consultation Results and FIDC Report was produced by FIDC Business Relations Manager, Michael Betts, and FIDC Development Intern, Joshua Peck. The Report is split into two sections, the first focuses on analysing the results of the Credit Union Survey and the second section focuses on FIDC's interpretation of the results.

The Falkland Islands - Credit Union Suitability Study (Phase II) was produced by World Council of Credit Unions (WOCCU) Consultant Dwayne Naylor. The Report is based on the findings of his second site visit to the Falkland Islands.

pdf  Credit Union Consultation - FIDC Results Report (356.22 kB)

pdf  Credit Union Suitability Study (Phase II) (358.06 kB)

 

Phase III

At the April meeting of the Falkland Islands Development Board, the difficult decision to close down the FIDC Credit Union project was made. This was not done lightly, as there is no doubt that there is widespread public support for such an institution, however the barriers were too significant to overcome.  

Firstly and most importantly, the projected finances strongly suggested that a Falklands credit union would not be viable.  In the most conservative scenario it was estimated that the credit union would make a £750k loss in the first five years of operating.

Secondly, it became increasingly clear that the establishment and on-going support of a credit union would require significant input from FIG.  This included initial capital funding, deposit insurance which could not be sourced privately, regulation updates for banking and cooperative legislation, additional external audit contracts, employment of an experienced official to regulate the credit union and on-going operational/technology funding, all of which would be a large, costly and risky undertaking.

Thirdly, there are plans for positive developments in the Falklands that could improve access to finance elsewhere.  At the moment, FIDC is currently reviewing its loan strategy and FIG, in partnership with FIDC, is investigating a local investment strategy.  Both could potentially improve access to finance for Falkland Island businesses, without the need for and cost of establishing a new financial institution such as a credit union.

In light of the factors regarding the financial viability of a Falklands credit union and the significant support required from FIG, there are significant doubts that the credit union model is a viable solution to resolve access to finance issues in the Falkland Islands.  These factors were recognised in the Falkland Islands Development Board’s decision, which was supported by the Community Leaders and WOCCU Consultants.

Marina Projects Ltd and their partner company PLC Architects were chosen by FIDC to develop Masterplan options for the Stanley Waterfront in August 2011 after a closed tender process. Marina Projects were to produce Masterplan schemes for the Stanley Waterfront that includes the following objectives:

  • Provide an amenity for residents and visitors alike that will provide Stanley with an attractive urban centre for all ages;
  • Provide a new and improved location for the museum, including a broader opportunity for external exhibits;
  • Provide an attractive, appealing and high quality waterfront that will complement the rest of the town reflecting its history and culture;
  • Create a warm and appropriate welcome to tourists and improve the movement and flow of embarking/disembarking cruise ship passengers along the waterfront;
  • Retain large cruise vessels at historic volumes and increase the amount of local spend via development of the waterfront;
  • Increase frequency, length of stay and activity by expedition (smaller) cruise vessels and yachts through passenger exchanges.

3D view of Option 13D view of Option 1 (click to see other options)


Three representatives of Marina Projects Ltd and PLC Architects travelled to the Falkland Islands for a familiarisation visit and to meet with landowners, stakeholders and relevant Falkland Islands Government (FIG) departments to discuss the Stanley Waterfront. By the end of October 2011 Marina Projects and PLC Architects developed three Masterplan schemes for the Stanley Waterfront. The schemes were presented to FIG's Major Projects Board, Members of the Legislative Assembly, landowners and stakeholders. The comments arising from these discussions were fed back to Marina Projects and PLC Architects. In January 2012, prior the second site visit and public consultation, Marina Projects and PLC Architects produced a second draft of the three Masterplan options to FIDC, all of which incorporate the comments from the groups mentioned above.


Geoff Phillips, of Marina Projects, was in the Falklands from the 16th January 2012 to the 24th January 2012 for his second site visit and for the public consultation stage of the project. The Public Consultation stage started on the 18th January 2012 and lasted for five days. It included six public sessions where members of the public were invited to view and discuss display boards of the three proposals with Geoff Phillips and Michael Betts of FIDC. A total of 72 people attended the public sessions. The Public Consultation stage culminated in a public presentation on the 23rd January 2012, where 52 members of the public attended.

The Public Consultation received extensive publicity. Geoff Phillips and Michael Betts were interview by Falkland Islands Radio (FIRS), two statements were released to the media, a double page spread was featured in the Penguin News, which included images and text detailing the three schemes and the public presentation was filmed by Falkland Islands TV.

The deadline for feedback from the public was the 3rd February 2012, and FIDC received 41 responses. Each response has been sent to Marina Projects to review and analyse.

The next stage of the project is to independently score the three Masterplan schemes using a weighting system. The scheme that scores the highest will go through a second round of public consultation where Marina Projects will apply a more scientific based approach to garner specific views. The finalised preferred scheme will hopefully be approved by Executive Council in August 2012.

3D view of Option 2 3D view of Option 3 Plan view of Option One Plan view of Option Two Plan view of Option Three

To view the Report produced by Marina Projects Ltd detailing the results of the second phase of the Waterfront Public Consultation held in July/August 2012 click here.

pdf  Waterfront Public Consultation Results (2nd Phase) (544.28 kB)

Waterfront Development Working Group

As Project Coordinator for the Waterfront Development, we have established a working group that involves the key FIG officers relevant to the Waterfront Development and the key landowners of the designated waterfront area.  The Working Group aims to work together and produce a development plan that details key developments of the waterfront and will include a schedule of works and designation of project managers.  The objective is to seek Executive Council for the development plan in July 2014.  The Working Group members are;

  • MLA Tourism Portfolio Holder (Chair)
  • FIDC Business Relations Manager – Waterfront Development Project Coordinator
  • FIG Director of Central Services
  • FIGEnvironmental Planning Department
  • FIG Public Works Department
  • FIG Head of Finance
  • Falkland Islands Tourist Board Managing Director
  • Falkland Islands Museum and National Trust Museum Manager
  • FIC Director
  • SAMS/Boathouse Owner

The objectives of the Working Group are;

  1. Agree and assign areas of responsibility.
  2. Including the designation and agreement of boundaries.
  3. Agree a programme of delivery and development by 1st July 2014.
  4. Prioritisation/Order of works for specific areas to create stages of development.
  5. Agreed start and completion dates for stages.
  6. All stakeholders to receive necessary approvals for programme of delivery, development and funding by July 2014.

For more information regarding this project, please contact Michael Betts on 27211 or This email address is being protected from spambots. You need JavaScript enabled to view it..

icon Waterfront Development Working Group - Open Minutes February 2014 (296.84 kB)

icon Waterfront Development Working Group - Open Minutes March 2014 (297.62 kB)

icon Waterfront Development Working Group - Open Minutes April 2014 (300.57 kB)

pdf  Waterfront Development Working Group - Open Minutes October 2014 (335.54 kB)

icon Waterfront Development Working Group - Open Minutes February 2015 (329.91 kB)

icon Waterfront Development Working Group - Open Minututes May 2015 (294.59 kB)

pdf  Waterfront Development Working Group - Open Minutes July 2015 (390.22 kB)

pdf  Waterfront Development Working Group - Open Minutes November 2015 (148.34 kB)

About the FIDC

FIDC acts as the national economic development agency for the Falkland Islands and is tasked to develop the commercial sector of the Falkland Islands by being one of the principal partners delivering the Economic, Rural and Tourism Development Strategies.

To help drive sustainable economic growth and assist in the creation of new jobs and opportunities, FIDC provides various forms of support and assistance to the Falkland’s business community.