Guernsey has been ranked 15th in the latest Global Financial Centres Index (GFCI) published this week by the City of London.

It places the Island in the top bracket of 'offshore' finance centres and ahead of 'onshore' competitors such as Luxembourg (16th) and Dublin (23rd).

The report also indicates that there is now a strong correlation between GFCI rankings and OECD status. Centres not on the 'white list' placed much lower in the rankings, for example Bahamas (48th) and Gibraltar (51st).

"This latest report shows that Guernsey remains in the very top bracket of 'offshore' finance centres," said Peter Niven, Chief Executive of Guernsey Finance.

"What we have seen over the past year is that the financial crisis has resulted in greater scrutiny of such centres and subsequently a growing gap between those at the top end and the rest of the pack.

"I am delighted to say that Guernsey is not only very much in this top tier of these centres but in addition we remain ahead of so-called 'onshore' competitors such as Luxembourg and Dublin."

Guernsey has fallen three places from the 12th position it occupied in the last survey, published in March of this year, despite increasing its underlying rating points by 23. This is principally due to significant rating increases for major centres such as Tokyo (+63, 7th), Shanghai (+117, 10th) and Sydney (+41, 11th), as well as another Chinese centre, Shenzhen, entering the list in 5th.

Mr Niven added: "The progress of both Shenzhen and Shanghai within these rankings reinforces the fact that these cities are becoming leading players in financial services and therefore Guernsey's strategy of establishing a representative office within China puts us in a great position for growing business flows from this rapidly developing region."

Another city to see its ranking improve dramatically was Beijing, with its rating up 135 points to place in 22nd.

Strong competitors to Guernsey in the China market are the Cayman Islands and the British Virgin Islands (BVI) who dropped four places to 26th and rose by one to 33rd, respectively.

GFCI 6 sees London maintain its lead over New York at the head of the 75 international finance centres.

For more information about Guernsey's finance industry please visit www.guernseyfinance.com.

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