During a visit to Guernsey the Financial Times has
found that the Island is well-placed to weather the current
That was the message the newspaper's John Willman received
from panellists at a breakfast forum hosted by the Image Group and
the Financial Times to coincide with last Friday's
release of the FT's 'Doing Business in
Guernsey' special report.
"Guernsey's model, which is well-regulated and low
risk, is ideally placed to both withstand the turmoil witnessed in
financial markets in recent weeks and also to assist in providing
both liquidity and stability," said Chief Minister Lyndon
The forum was Chaired by journalist Mr Willman and the other
panellists were Mark Trenchard, from the Island's Chamber of
Commerce; Tony Mancini, Executive Director, Tax, KPMG CI; and Bob
Moore, representing Guernsey Finance – the promotional
agency for the Island's finance industry.
They agreed that Guernsey's diversification and adaptability
mean the Island is likely to continue to perform robustly despite
the very difficult market conditions.
These thoughts echoed sentiments brought to the fore in the
'Doing Business in Guernsey' special report where headlines
included "sector stays on course in global crisis" and
"credit squeeze plays to the island's strengths."
The front page is titled "Island thrives by looking
outwards" and notes how Guernsey has "a long tradition of
exploiting opportunities its location offers." It also reports
on the fact that "the Island's continuing efforts to
improve its legislation and regulatory framework" mean that it
is "holding its own against bigger rivals."
In that same piece Mr Willman reports that: "there is no
evidence that Guernsey is losing its allure for the financial
services businesses that have flocked to the island for its
combination of high regulatory standards and a flexible approach to
innovative new products."
It points to the fact that this year Guernsey has introduced a
new Trust Law, new Company Registry and new Company Law. At the
forum both the new registry and Intellectual Property were raised
as areas for potential growth.
Speaking last Friday morning Mr Mancini stressed that the
fallout from the current turmoil may also present the Island with
some further opportunities.
"A potential effect of the current situation is that there
are demands for greater and stricter regulation. From a Guernsey
perspective this is an area where we have harnessed a well-deserved
reputation for robust yet pragmatic regulation and therefore we are
very well-placed – particularly in comparison with some
of our competitors – to capitalise on these potential
developments," said Mr Mancini.
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