Jersey has retained a high-ranking in the 2010 International Finance Centre Rankings, published by The Banker magazine this week, being rated third in the ‘specialised finance centres’ category.
The Banker’s rankings of international financial centres is based not simply on the size of the financial services industry in each location, but focuses instead on the level of international business and the value offered to institutions seeking to expand their overseas operations.
Jersey is placed third in the specialised finance centres category, ahead of Guernsey, who are in fourth place, and the Isle of Man in sixth. The Cayman Islands retained their first place position and Bermuda was second.
Jersey has also increased its overall score this year from 39.38 to 41.24.
Geoff Cook, Chief Executive of Jersey Finance, commented:
“Considering the impact of the financial crisis and the scrutiny that has been directed at offshore finance centres, it is extremely encouraging that Jersey has retained a high-ranking leading position among its offshore rivals. This is very positive news for us and more specifically a further reflection of the value that Jersey adds to international business.”
Notes to Editors
In recognition of the fact that data for ‘specialised financial centres’ is seldom consistent with that for larger financial centres, TheBanker has compiled a separate table for specialised centres using data available specifically for these locations. Most of this data has been provided by the centres themselves in response to The Banker’s 2010 survey. This data takes account of specialist sectors such as the captive insurance industry, for example. The rankings also rely on data provided by fDi Benchmark, which holds data series on centres’ cost and quality competitiveness indicators.