Guernsey climbs specialist finance centre rankings

By added on 14/09/2010

Guernsey has placed fourth in this year’s rankings of specialist finance centres from global trade magazine The Banker. The Island made the biggest gains in the top half of the table, improving its score by nine points from last year to jump up four places.
“It is very encouraging to see such an improvement,” said Peter Niven, Chief Executive of Guernsey Finance – the promotional agency for the Island’s finance industry, reports.
“This seems to be a reflection of Guernsey’s relative position in the wake of the economic crisis. We are seeing anecdotal and empirical evidence that suggests the Island is bouncing back well, particularly in relation to some of our competitors and these rankings add further weight to that view. There are still some significant challenges ahead and we cannot be complacent but this is another reason to be positive about the future of Guernsey’s finance industry.”
This is the second year in a row that the magazine, which is part of the Financial Times group of business publications has undertaken research on international finance centres. New York leapfrogged London to take pole position in the overall rankings.
Within the rankings of ‘specialised financial centres’, the Cayman Islands retained its first place from Bermuda (up two places to second) who overtook Jersey (down a place to third).
Guernsey’s position of fourth out of 18 placed it ahead of – amongst others – the Isle of Man (sixth), Gibraltar (eleventh) and Malta (thirteenth).