Channel Islands retain rankings as top rated offshore international finance centres

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Written by Ray Clancy

Thursday, 23 September 2010 10:22

Jersey and Guernsey have retained their positions among the highest rated offshore international finance centres and are close to achieving global specialist status, according to the latest Global Financial Centres Index.

Overall Jersey is placed twenty second in the competitive rankings making it the top offshore centre, with Guernsey at 26 and the Isle of Man at 32. London is named as the number one centre in the rankings, marginally ahead of New York with Hong Kong swiftly closing the gap on the top two.

While both Jersey and Guernsey have fallen four places, the decline is largely attributed to the increased regulatory pressure that offshore centres have experienced recently, that the onshore jurisdictions surrounding them such as Taipei, Paris and Vancouver, have not necessarily been subject to.

The report noted that both Channel Islands are the only offshore centres to achieve a rating over 600. It also says that both Jersey and Guernsey are ‘working to change perceptions’ and ‘rise above the status of offshore specialist centres’ to be the only offshore centres close to achieving wider recognition as ‘global specialists’.

Amongst the feedback from the research was the comment that the Channel Islands ‘continue to lead the way and are now pointing to the fact that they are not just offshore centres’.

‘Jersey has performed well relative to its offshore competitors to retain its position as the leading offshore centre. Moreover, the report highlights that Jersey is taking a lead in demonstrating it is more than just an offshore centre but rather a centre of excellence for financial services on the global stage, which is very positive for us,’ said Geoff Cook, chief executive of Jersey Finance Limited.

‘Also worthy of note is the continued solid performance of Asian centres, such as Hong Kong and Shanghai. This is further evidence of the importance of these jurisdictions in the global financial community and of the need for Jersey to maintain its promotional efforts in those markets,’ he added.

Peter Niven, chief executive of Guernsey Finance said the island is satisfied with the report. ‘Guernsey is not alone, particularly among offshore centres, in seeing a drop in its ranking. In fact, our underlying score actually fell by less than many of our traditional competitors and means that we very much maintain our place as a top tier offshore finance centre,’ he explained.

‘The rankings are increasingly reflecting the growth of new and emerging financial hubs such as Taipei and Seoul. Shanghai has publicly set itself the goal of becoming a top tier international finance centre by 2020 and this sort of evidence backs up the progress we are seeing on the ground in terms of its increasing importance and influence not just in the region but globally. Guernsey has made an early move to establish an office in the city and we have continued to build and strengthen relationships through regular visits, for example only last week I accompanied the Lord Mayor of the City of London to Beijing and Shanghai. It is this work which puts us in a very good position to take advantage of the business flowing through these rapidly developing centres,’ he added.

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Comments

0 #1 frugal living 2011-06-10 10:01

From the beginning of the outsourcing jersey have made their stronghold on the finance of the outsourcing.They are now flourishing in the same very nicely.Thanks!

frugal living

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