Guernsey has been placed second globally and first in Europe in
the latest rankings of specialist finance centres published by
trade title The Banker.
The well-respected magazine is part of the Financial
Times group of business publications and annually produces a
supplement which ranks international finance centres.
Guernsey has moved up two places from last year –
including leapfrogging Jersey – to place second behind
the Cayman Islands in the rankings of specialist finance centres.
Jersey has slipped a place to go from third to fourth and the Isle
of Man has also dropped a position, from sixth to seventh.
"These rankings substantiate what we have thought for some
time; that Guernsey has proved more robust in the face of the
global financial crisis and its aftermath than many of our
competitors," said Peter Niven, Chief Executive of Guernsey
Finance – the promotional agency for the Island's
finance industry internationally.
"One of our greatest assets is the breadth of the local
finance industry so that we are not just focused on one particular
sector but we are firing on several cylinders which complement each
other extremely well and mean that we score particularly strongly
across the board.
"Guernsey has also shown itself to be very adaptable and
fleet of foot so that we have been able to take advantage of niche
opportunities such as captive insurance and private equity and more
recently within the international pensions market. This is
something we are looking to maximise in the future, through a
variety of initiatives including Guernsey Film, renewables,
foundations and image rights as well as our work in the emerging
The Banker rankings are based on a consistent set of
data set supplied by each centre and principally statistics for the
value of each sector of the finance industry to the end of
Mr Niven added: "The fact that these rankings are based on
data to the end of 2010 gives me confidence that in fact our
position is probably even stronger now than the current standings
"We have seen a number of positive developments since the
turn of the year, including stabilised banking deposits, continued
growth in the value of investment funds, consolidation of our
position as the leading captive insurance domicile in Europe and
number four globally and new data which shows that currently
Guernsey is the world leader in terms of overseas pension
"In addition, the Island has also been commended by the IMF for our standards of regulation and the OECD has endorsed our continued commitment to
international standards of tax transparency and exchange of
information, which is supported by the fact that we have now signed
29 tax information exchange agreements.
"Overall, these rankings from The Banker are a
great boost for the standing of Guernsey as a leading specialist
finance centre. It is very reassuring to know that we have already
been building on this during the first half of 2011 and now it is
our job to make sure that the momentum is maintained right through
to the end of the year and into 2012."
The rankings are published within the International Finance
Centres supplement accompanying the October 2011 issue of The
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