Bank Holiday in Guernsey ― Date, History, and Details
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Let's dive deeper into learning more about the history of Bank Holiday in Guernsey and why people celebrate or observe it.
History of Bank Holiday in Guernsey and How to Celebrate/ Observe It
A bank holiday is a public holiday in the United Kingdom, Guernsey, the Isle of Man, Jersey and many British Crown dependencies. There are strict rules about when banks and other financial institutions can close on bank holidays.
The first bank holidays were created by the Bank Holidays Act 1871, which established four one-off days on which banks across the UK could close. The act was an attempt by the government to stimulate spending and boost the economy after the Financial Panic of 1873.
The four original bank holidays were Boxing Day (26 December), New Year’s Day (1 January), Good Friday (the Friday before Easter Sunday) and Easter Monday. Over time, additional bank holidays have been created, including May Day (1 May), Spring Bank Holiday (the last Monday in May) and Christmas Day (25 December).
In Guernsey, the bank holidays are regulated by the Banking Business (Guernsey) Law, 1994. The law states that all banks and building societies must close on the following days: Good Friday, Easter Monday, Christmas Day, Boxing Day and New Year’s Day.
In addition, banks must close on the first Monday in May and the last Monday in August. These are known as the early May bank holiday and the late August bank holiday, respectively.