Finance promotion stepped up
Monday 16th March 2009, 2:30PM GMT.
GUERNSEY has stepped up the promotion of its finance industry to counter the effects of the global economic downturn.
During the past two weeks GuernseyFinance has led a series of initiatives in London, including briefing trade media journalists, hosting its own seminar on Guernsey funds and exhibiting at a leading international legal conference.
Chief executive Peter Niven said economic conditions taking a turn for the worse was no reason to slow the island’s marketing activity.
‘This is precisely the time when we should be showing that Guernsey is not just a fair weather friend and so we have stepped up our feed of positive messages to key decision-makers in cities like London – the centre which is our principal source of new business – so that we are in pole position to gain business when confidence returns and the markets pick up.’
Mr Niven (pictured) spent two days in London briefing more than a dozen trade media journalists from titles such as Reuters Investment International, Private Banker International, CFO Europe, Financial Director and Legal Business so that through their publications they could provide key introducers of business with updates on the latest developments from Guernsey.
A seminar on the island’s new funds regime at the America Square Conference attracted more than 100 people and included a strong cross-section of London lawyers.
‘The presentation was very well received, the question and answer session was lively and the drinks reception provided an extremely valuable network, ‘said Mr Niven.
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I wonder if Mr Niven informed his audience about the falsity of the Guernsey Website statement:
Your money is safe in Guernsey
My money,my lifesavings,those of my wife and several hundred other savers was certainly not safe in Guernsey. It was stolen by Landsbanki under the noses of Guernsey’s much-prized financial regulators. To compound their sins of omission they are doing nothing to compensate us, nothing at all.
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I would continue the first paragraph as follows:
“GUERNSEY has stepped up the promotion of its finance industry to counter the effects of the global economic downturn…”
Add: “and the implosion of a Guernsey-regulated bank in October 2008 which resulted in 1,600 British savers worldwide losing the majority of their life’s savings”.
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the fact that the Guernsey authorities continue to promote a parental guarantee as an indication of dpositors security after the failure of Landsbanki, Northern Rock and Bradford and Bingley is somewhat alarming; as is the fact that the well publicised depositors compensation scheme which is capped at £100M and £50,000 per depositor – if Skipton failed tomorrow it has deposits approaching £200M so any saver would receive only 50% of the £50,000. The depositors compensation scheme also i believe has the £100M capped over a year period – so one failure then nobody will get paid out for the next 5 years. What financial security is this?
Promoting Guernsey as a safe well regulated financial centre is like promoting a 20-1 shot at Royal Ascot as a sure fire winner!
I held accounts in Guernsey and have now moved them as i do not believe the administration has the skills or the mindset to do anything except promote. Where has all the money gone from the revenue received over the years – how, after receiving over £1.5Billion in revenue from finance sector alone can the administration allow a budget deficit?
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Au Met
Skipton Guernsey will have double that amount of eligible deposits when it merges with Scarborough CI Ltd Gsy – around £400m so you’ll actually only get back 25 per cent of your £50,000 i.e. £12,500 if it goes the way of Cheshire / Landsbanki Gsy.
Hope the States and GFSC read this and do something about it. They must if they do not wish confidence to be eroded even further.
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‘This is precisely the time when we should be showing that Guernsey is not just a fair weather friend…’
With friends like that who needs enemies. At the first sight of the Landsbanki storm they shirk all responsibility and tell you that you are on your own.
Some friend!
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