Mr. Phillip L'Estrange:

The Deputy will see from our accounts that the bank charges increased quite steeply between 2010 and 2011. The reason for this is because we assimilated the Taxi Regulator. There are many transactions which go through the taxi-licensing business. For example, when those in the industry renew their licences, etc., they pay licence fees and so on. If they pay by credit card or whatever, we incur merchant fees with the banks. The average fee we would pay would be 1% on each transaction that was made. The bank charges do not relate to the bank balance rather to the transaction charges relating to the taxi industry.