This Is Guernsey

By Tom Edwards

GuernseyFinance chief executive Peter Niven

GUERNSEY has been ranked 19th in the latest Global Financial Centres Index. The table is produced by the Z/Yen Group for the City of London and ranks jurisdictions based on external benchmarking data and current perceptions of competitiveness.

GuernseyFinance chief executive Peter Niven said such an impressive rating from a respected authority was a major endorsement for the island. ‘This is recognition of how our 50 years of experience in providing financial services has helped build on the island’s hallmarks of professionalism and innovation to grow an industry with a first class infrastructure and wealth of expertise.

‘Guernsey’s broad-based finance industry is firing on all cylinders. Banking deposits have reached a record high and the fiduciary services sector boasts a significant number of providers with between £200 and £300bn-worth of assets in trust.

‘The island is still the number-one domicile in Europe for captive insurance and our investment-funds industry is booming.’

In the previous GFCI report, Guernsey was ranked jointly with Jersey under the banner of the Channel Islands and came 23rd.

Now rated separately, Jersey has been ranked higher at 16th.

Both were ahead of traditional competitors such as the Isle of Man (21st), Dubai (24th), Cayman Islands (25th), Gibraltar (26th), British Virgin Islands (27th) and Hamilton, Bermuda (28th).

‘The new ranking system rightly reflects the fact that Guernsey and Jersey are separate jurisdictions and is much fairer because it allows each to be judged on their distinct strengths,’ said Mr Niven.

‘Moving into the top 20 of the world’s financial centres is a great accolade that gives us yet another boost as we look to grow our business throughout 2008.’