On the French side the meeting was attended by Ambassador Emie and by representatives from the French Tax Administration based in Bercy, Paris. Jersey was represented principally by Senator Bailhache, Minister for External Affairs and Colin Powell, Adviser to the States of Jersey.

The States of Jersey have described the meeting as 'constructive and friendly' and a further meeting has already been arranged for next week, this time at the French Finance Ministry headquarters in Bercy.

There has been some marketing of offers of restructuring and redomiciliation of business away from Jersey by certain providers and competitior jurisdictions. This is premature, the process issues around the operation of our TIEA are being addressed and the Jersey government is focused on resolving the matter and ensuring Jersey's removal from the list before the year end. Clients encouraged in this direction will very likely incur considerable costs for no benefit.

Jersey's performance in information exchange has been described by the OECD as 'cooperative and responsive' and we have no issues with any of the other 38 countries with whom we have information exchange arrangements.  Our approach is always to offer full cooperation applying ourselves to the spirit and letter of the agreements we enter into.

I will provide a further market update next week.