Influential figures hear chief minister’s after-dinner speech
Monday 16th February 2009, 2:30PM GMT.
Chief Minister Lyndon Trott speaking at the City of London Corporation Finance Committee dinner. Also in the picture are, left to right, Alderman Ian Luder, Lord Mayor of the City of London and Philip Willoughby, deputy chairman of the committee. (0721007)
A DINNER with influential figures from the City of London was an opportunity to reinforce the strength of Guernsey’s financial services sector, according to Chief Minister Lyndon Trott.
He said he was honoured and privileged to speak at the annual City of London Corporation Finance Committee dinner last Monday as a number of leading players from UK finance, governance, law and commerce were present.
Deputy Trott reported healthy year-end deposit and fund statistics to the City audience, though he admitted the island had not been completely unaffected by the contagion in financial markets.
‘The most comforting aspect of these figures is that the financial services model that we employ in Guernsey is both diversified and low risk.
‘This was as good an opportunity as it ever gets to broadcast to an attentive and well-informed audience of the very strong message that Guernsey has to give about all aspects of its financial services industry.
‘I was able to explain in discussions before, during and after dinner that there were many more aspects to the Guernsey economy than simply finance and that we were confident for the future, notwithstanding global economic conditions.’
Deputy Trott also told guests that he believed the solution to present economic gloom rested more with them than with politicians.
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‘The most comforting aspect of these figures is that the financial services model that we employ in Guernsey is both diversified and low risk’.
Lyndon, try telling that to the Landsbanki losers!
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I am so gald someone commented on this have you mailed it back to Trott. Let him really hear what he is saying it is a slap in the face.
A very angry landsbanki depositor.
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Diversified and low risk? Nobody in their right mind would save or invest in Guernsey now!
Let’s see what the next set of deposit and fund statistics say shall we?
Trott = cloud cuckoo land
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Bank of Ireland has bolted, who next ????.
Where have their depositors gone, is the start of the ” Flight of Capital” ???
Springbok.
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Springbok
Sorry to disappoint you but I think the not very subtle clue is in the word “Ireland”. That’s why Bank of Ireland is closing in Guernsey…their depositors are fleeing anything connected with Ireland, not with Guernsey.
Compose
Likewise, sorry to disappoint you as well but I suspect that Guernsey’s latest quarterly deposit figures will be right up. Why ? Fleeing out of volatile equities into cash.
On the Beach and Real World
If you actually think that Guernsey’s finance industry is dependent on retail depositors then you are sadly wrong. Very wrong. I suspect that the contribution that retail deposit banks make to Guernsey PLC from actual deposit-taking is far less than 10%, probably closer to 5%, of the total contribution made by the Guernsey finance industry.
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I am still waiting for the return of the 70% of my life savings that have been stolen from me from this ‘low risk’ island.,
Guernsey is not protected by the UK Treasury nor is it part of the EU and the Guernsey Government will do nothing to help you get your money back.
Who is going to help you when another bank steals your money from Guernsey? Nobody will – you just have to wait until the Administrator can try to find some money left over.
Guernsey is the capital of misinformation by telling people that their savings are ‘safe’ and then doing absolutely nothing to ensure that this is actually the case.
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Interesting to see the Jersey bank deposit figures for the last quarter of 2008 on tonight’s news. Deposits up £9 billion in the quarter but down £6 billion over the last 12 months. Very hard to read too much into the figures due to the extreme currency swings but the comparative Guernsey figures are likely to be similar in pro-rata terms.
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The first three paragraphs of your post are just not true.
Your money was legally up streamed and the upstreaming arrangements were with the agreement of the GFSC.
The GFSC has told the Treasury Committee that it relied on the FSA to inform it concerning Landsbanki.
This is what the uncorrected transcript reports the GFSC as telling them
“The FSA knew of our concerns in respect of the fact that we did not want there to be any Icelandic risk in respect of the UK bank, with which 25% of the Landsbanki Guernsey assets were placed, and we did not want there to be any dependence on the parent for liquidity, and we got the assurance from the FSA that there was only limited Icelandic risk. We believed we could rely on the FSA because they had greater information and greater influence and, therefore, we were very surprised when Landsbanki Guernsey failed on the FSA”
Such child like trust despite previous issues with the FSA and the mass of worrying information about the Icelandic economy and its banks.
Daniel. Your savings could well have been safe if the GFSC had been more concerned with the range of warnings and not been blinded by lack of information from the FSA
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Am I the only one to break out in a cold sweat everytime I see Trott addressing a high powered forum or making a comment internationally on behalf of the people of Guernsey.
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