he management of a client's liquid assets is a key feature of the fiduciary services offered by Herald Trust. For this reason Herald Trust, working with the major banking groups, has introduced a cash management service, the benefits of which are:

• Competitive rates of interest on call accounts in all currencies which are designed to maximise returns and liquidity;
• Safety and security by the selection of reputable banks which have a long established presence in Jersey;
• An efficient collection and payment service in all major currencies utilising electronic banking which also reduces payment charges;
• Fixed deposit accounts with competitive interest rates for clients with larger balances;
• Electronic Banking with a consequent reduction of time based administration costs.

Competitive Returns

We have negotiated special arrangements with our banks whereby clients can receive interest at rates linked to LIBID, a rate quoted by the wholesale money markets. Currently the rate is LIBID minus 1% (after all commissions) on current and call accounts. The Royal Bank of Scotland PLC is one of the leading banks in the United Kingdom and their wholly owned subsidiary, RBSI, is one of the leading banks in the Channel Islands and is used by Herald in most instances to provide banking services to its clients.

For clients with $250,000 available for a period greater than three months, fixed deposits and money market funds are available in the major currencies. The money market funds selected will aim to achieve a net yield of 7 day LIBID or greater and will have an AAA rating and, with daily dealing, provide excellent liquidity.

International Debit Cards and Credit Cards

For those clients who wish to access their funds through the use of a Debit or Credit Card, Herald can arrange for the issue of cards based on accounts in Sterling, US Dollars or Euros for the use of named individuals.

Fees and Commissions

Herald will receive commissions from banks involved in the service at a maximum annualised rate of 0.75% for call account balances and 0.1% on fixed deposit balances.

For amounts placed into Money Market Funds, Herald Trust charges a monitoring fee of 0.1% of the average balance placed.

Herald uses the Electronic Banking System of RBSI and makes a transaction charge in lieu of the normal bank charge. The payment charges range from £20 for Sterling BACS payments to US$ 50 for international telegraphic transfers. A complete schedule of Herald transaction charges is available on request.

Generally Herald receives commissions quarterly.

Herald Trust is not a bank, nor is it regulated as an investment business. Persons needing advice on investments, including Money Market Funds should obtain it from an independant financial adviser.