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Jersey Offshore Banking Peter Shirreffs, Director of Offshore Banking for RBSI, says demand for the product has been very high. “It is our most successful product launch ever,” he says. “People realise that with technology there will be blips but the trend is likely to be upwards. This is our future. Also people like the fact they can’t lose their capital. All in all it’s a winner.” The Nasdaq Guaranteed Return Bond is a limited offer, which requires a minimum deposit of £5,000 or US$10,000. The account is available until 18 August 2000 but will close earlier if fully subscribed. Shirreffs says this is a distinct possibility given the demand thus far. Jersey Offshore Banking - Abbey National Offshore Group Abbey National Offshore Group is also getting on the risk-free-exposure-to-stock-markets act. Its latest launch is Offshore Big 5, a five-year equity-linked growth deposit account available in sterling, US dollars and euro. The account, which offers returns linked to the FTSE 100, the S&P 500 or the Eurostoxx50 indices, provides a 100 per cent guarantee of capital combined
with a maximum possible return of 65 per cent. Abbey National owns private bank Cater Allen and senior manager, group communications, Malcolm Corrigan says the climate has been very good for this business too. “The Cater Allen brand is doing well, particularly amongst the more pro-active type of retiree,” he says. Cater Allen’s high-interest cheque accounts, available in a number of currencies, have proved popular. HICA Gold, for example, offers a plastic card, direct debit facilities and execution-only share dealing all via one statement. Three separate ‘lifestyle’ accounts in sterling, US dollars and euro are available for a minimum deposit of £5,000, US$10,000 and e10,000 respectively. Jersey Offshore Banking - Private Bank Fleming Fellow private bank Fleming (Jersey) is also seeing increased demand from pro-active customers. The bank’s Nick Owen says its profits were up 55 per cent against the previous year as of 31 March. “Sceptics don’t assimilate just how much wealth is being generated in the private sector in Europe,” he says. “A lot of money is being made by entrepreneurs and a lot of
businesses are changing hands. These people are much more enthusiastic about equity investments and they appreciate tax effective investments, often involving
borrowing. The old money investors just wanted capital protection and income, whereas today’s entrepreneur wants his money to work as hard for him with us as it did when it was in his own business”. 
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