The Finance Industry is now the island's major industry having grown significantly
since the early 1980's. It contributes 60% of the island's Gross Domestic Product, 60% of tax income and
employs ten thousand staff in many different sectors. Tourism now takes second place and Horticulture third.
The finance industry is attracted to Jersey by the island's stable government, our
proximity to both the UK and continental Europe, the significant body of expertise developed by the industry in a
wide range of financial services and a competitive tax environment. The industry has a 40 year track record to call
on following various economic liberalisation moves in the early 1960’s which encouraged establishment of the
international profile the industry now presents.
The island's Finance industry has developed a first class reputation
internationally and is in the top tier of offshore centres. This was evidenced in the UK Government's Review of
Financial Regulation in the Crown Dependencies 1n 1999 which described the island as being in the "top division of
offshore finance centres". More recently the Financial Stability Forum (FATF) categorised Jersey as a Group 1
offshore centre in recognition of the island's up to date anti-money laundering legislation and practices.
Jersey is an international finance centre with 46 banks, over 32,000 registered
companies and more than £189 billion deposited in the Island at any one time - 68% in foreign currency. The Island
also has a flourishing Fund Management sector with over £ 179billion under management and a world renowned
expertise in Trusts with nearly 200 Trust Companies, all regulated by the Jersey Financial Services Commission,
established in the Island.
In the March 2009 Global Financial Centres index, Jersey came in at 13th position, just below
Guernsey (12th), the Isle of Man (18th), Cayman Islands (22nd) and BVI (34th). GFCI_report Mar09.pdf
Jersey is on the OECD white list of co-operative jurisdictions that has substantially
implemented internationally agreed tax standards. OECD_report_Apr09.pdf
Read the Independent Foot review of British Offshore Financial Centres published October 2009
commissioned by the UK Treasury Click here
Jersey Finance Quarterly Report - 31 December 2008
Jersey Finance issued the following statement for the quarter ended 31 December 2008
· Banking deposits decreased by £6.2bn during
the year 2008 from £212.3bn to £206bn.
· The Net Asset Value (NAV) of funds under
administration decreased by £5bn during the last twelve months from
£246.2bn to £241.2bn. The total number of funds increased by 161 from 1,311 to 1,472.
· The value of funds under investment
management decreased by £0.5bn from £19.3bn to £18.8bn during 2008.
· Company formations for Q4 2008 were down
32% compared to Q4 2007. The total number of live companies on the register decreased by 288
during the last 12 months from 33,683 to 33,395 companies.
Geoff Cook further commented:
‘The last quarter of 2008 has been particularly difficult for financial services businesses
globally. Whilst there is little doubt that 2009 and much of 2010 is likely to be
challenging and we will see further volatility in business numbers, there are some inherent
features of our offering from which we can take some comfort.
‘We are a well diversified centre placing Jersey in a much stronger position to meet the
challenges of the global downturn. Our Private Banking business, Trust and Fund
administration sectors are all annuity businesses and they will continue to perform, albeit at
lower levels, in the face of challenging economic conditions. Add to this the support of
a pro-business oriented Government and the drive by a highly respected regulator to find the
right balance between market-orientated development and high supervisory standards and you have
an attractive proposition for clients in unstable times.’
2007 was a particularly successful year for the Jersey Fund industry with a strong positive
growth in the number and value of specialist funds established or administered in the island. Total fund values
reached a new high of £246.1bn comprising of 1,311 funds.
The total number of companies on the Companies register in Jersey increased by 4.75% in 2007 to
No of banks licensed in Jersey
Strong upward growth in bank deposits
Channel Islands Stock Exchange
The Channel Islands Stock Exchange ("CISX") was established in 1998 as a joint
venture between Guernsey and Jersey to complement the existing range of services already available locally. The
CISX is based in Guernsey and regulated by the Commission.
The CISX was established in 1998 as a joint venture between Guernsey and Jersey to
complement the existing range of services already available locally.
As of December 2009, the number of securities listed on the Exchange had increased
to 2,434 up 443 in the year.
It is a member of the International Federation of Stock Exchanges as a corresponding market, a
member of the International Securities Market Association, the European Securities Forum and is recognised by the
Australian Stock Exchange.