Jersey holds its position as the highest rated offshore international finance centre and is very close to achieving wider global awareness which would lead to ‘global specialist’ status, according to the latest Global Financial Centres Index (GFCI) released on Monday 21st March, 2011.
Overall Jersey is placed 23rd in the competitive rankings, ahead of Guernsey in 27th, the Isle of Man (35nd), Cayman Islands (38th) and Malta (59th).
Whilst the ratings of all offshore centres have declined in the latest rankings, Jersey has only fallen one place – in comparison to other offshore centres Jersey has fared well. This decline can largely be attributed to the increased scrutiny that offshore centres have experienced recently due to the financial crisis, which those onshore jurisdictions surrounding Jersey in the rankings, such as Taipei, Paris, Vancouver and Washington D.C., have not been subject to.
The report noted that both Channel Islands (Jersey and Guernsey) are the only offshore centres to achieve a rating over 600. They were also recognised as one of the top ten centres which are likely to become more significant alongside larger centres such as Hong Kong, Shanghai, Beijing and Singapore, and are most likely to open offices over the next few years.
In addition, the index indicates that Jersey, is ‘working to change perceptions’ and ‘rise above’ the status of offshore specialist centres’ by being seen as more diversified.
London is named as the number one centre in the rankings, marginally ahead of New York and Hong Kong.
Geoff Cook, chief executive of Jersey Finance Limited, commented:
“Jersey has performed well in holding its position as the top offshore centre, which it has now held for four consecutive Indexes. The report highlights how Jersey is regarded on the global stage as a market leading international finance centre and that it is recognised as one of the top ten centres to grow in significance over the next few years.
It is also important to note the continual improvement in performance of the Asian centres in the rankings, particularly Hong Kong and Shanghai which are in the top five. This evidence emphasizes the importance of these jurisdictions and how we need to maintain our marketing efforts overseas in order to drive Jersey’s future success.”
For further information, please contact Adam Riddell at Crystal Public Relations on tel. +44 (0) 1534 639505 or e-mail firstname.lastname@example.org
Notes to editor:
The report, published on Monday 21st March 2011, is produced every six months by the Z/Yen Group and by the Qatar Financial Centre Authority, having previously been produced in conjunction with the City of London. The rankings examine major financial centres globally in terms of competitiveness by calculating a set of ratings for each jurisdiction, using data available from each centre and responses to a global survey.
A copy of the full report can be accessed here – http://www.zyen.com/GFCI/GFCI%209.pdf
The GFCI provides rating for financial centres calculated by a ‘factor assessment model’ that uses two distinct set of input:
- Instrumental factors (external indices that contribute to competitiveness): objective evidence of competitiveness was sought from a wide variety of comparable sources.
- Financial centre assessments: by means of an online questionnaire, running continuously since 2007, they use 33,751 financial centre assessments drawn from 1,970 respondents.