Industry looks back on challenging year
Monday 4th November 2013, 9:00AM GMT.
THIS has been both a ‘tricky’ and ‘challenging’ year, according to finance industry leaders, but generally the sector is entering 2014 in reasonably good shape.
As part of the Guernsey Press Finance Review, published today, some senior figures in the industry gave their views on the year ending and the prospects for 2014.
Jason Romer, managing partner at Collas Crill, called 2013 a ‘tricky year with the crystallisation of AIMFD and ever-rampant and ill-informed political and media pressure’.
‘Overall, though, Guernsey has found pragmatic solutions to each and every challenge,’ he said.
Guernsey Finance chief executive Fiona Le Poidevin said it had been a mixed bag of a year, with some sectors up and some sectors down, but the picture generally stable.
Andreas Tautscher, Deutsche Bank chief executive officer Channel Islands, pictured, said 2013 had seen a lack of confidence and a lack of conviction in investment or finalising deals. The bank had shown slow but steady growth during the year, he said, and time spent with clients in addressing regulatory change had put the bank in a position where change in regulation could be seen as an opportunity, rather than a challenge.
Mr Tautscher said he hoped for continued improvement in 2014, if not significantly different from this year.
‘We do expect to see some confidence return to the market, with an uptick in both investment activity and the formation of structures,’ he added.