Jersey continues to perform well as an international finance centre in the competitive rankings published by the City of London.

The Island has been ranked 13th in the Global Financial Centres Index, one place higher than in the previous assessment six months ago. The Index ranks all financial centres and is led by the City of London and New York. Jersey is one of only five offshore jurisdictions that make it into the top thirty.

The report, which is compiled twice a year by the Z/Yen Group, concludes that some offshore jurisdictions led by the Channel Islands may have a competitive advantage over other offshore locations, given the concerns that have been highlighted about the tax status of the offshore sector generally.

The offshore centres in the top thirty saw only a small fall in their overall rating and despite this, some such as Jersey and Guernsey, achieved a higher ranking, whereas some other offshore locations suffered a much deeper decline in their rating.

Geoff Cook, chief executive of Jersey Finance Limited, commented:

‘Tables are published every six months so it is inevitable that there will be some movements either up or down each time but I am encouraged that, in a difficult climate, Jersey continues to maintain such a strong showing, particularly as some competitor jurisdictions have not performed well. These rankings assess the competitiveness of major cities in the world which possess finance centres, so for Jersey to obtain such high rankings is extremely helpful in positioning the Island.’

The rankings also rate finance centres for their attractiveness to particular sub sectors of financial services and for the first time Jersey has entered the top ten in the table that ranks market access, with a listing at tenth spot, the only offshore centre to feature. Jersey also remains highly ranked in the table based on the findings from the asset management sub sector, remaining in sixth place.

The rankings take into account a range of factors such as reputation and business climate, infrastructure, the skills available in the finance centre, and the tax regime.

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For further information, please contact Geoff Cook, Chief Executive, Jersey Finance Limited, on tel. +44 (0) 1534 836000 or e-mail geoff.cook@jerseyfinance.je or Mike Sunier at Crystal Public Relations on tel +44 (0) 1534 618613 or mike@crystalpr.co.uk