Guernsey has been ranked 26th in the latest Global
Financial Centres Index.
The Island has dropped four places overall from the last report
published in March but retains its position as being in the very
top bracket of 'offshore' centres.
"Overall I think we can be satisfied with the outcome of
this report," said Peter Niven, Chief Executive of Guernsey
"We can see from the table that 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. This also reinforces the
picture painted by another recently published set of rankings from
The Banker where we gained ground in a list of
'specialised' finance centres."
The Global Financial Centres Index has been published by the
Z/Yen Group every six months for the last four years. The first
seven reports were produced in association with the City of London
but GFCI 8 is sponsored by the Qatar Financial Centre Authority.
The tables are based on statistical information about each centre
and also feedback from practitioners in the financial services
GFCI 8 quotes an asset manager based in Edinburgh who says:
"The Channel Islands continue to lead the way and are now
pointing to the fact that they are not just 'offshore'
Mr Niven added: "I would wholeheartedly endorse this
comment. If third parties are making a distinction between
'onshore' and 'offshore' then Guernsey is very much
a leader in 'offshore' but in reality we would rather
differentiate centres by virtue of the services offered and
standards to which they work and on this basis then there is no
doubt that we are a leading international finance centre."
GFCI 7 in March saw London and New York level in the top spot
but in this latest report the former has now regained the lead.
Guernsey's underlying score fell by 16 rating points to
leave the Island in 26th position overall out of 75.
This is behind Jersey (down 17 points and four places to
22nd) but ahead of the Isle of Man (down 20 points and
eight places to 32nd), Hamilton/Bermuda (down 20 points
and three places to 34th=) and Cayman Islands (down 23
points and six places to 34th=).
Mr Niven added: "The rankings are increasingly reflecting
the growth of new and emerging financial hubs such as Taipei and
Seoul. They have gained significantly from the last report and so
have both Hong Kong, which increased by 21 points to stay third
overall and in particular, Shanghai – picking up 25
rating points to move up five places from 11th to
"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. Of course, Guernsey 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
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