Jersey's Finance Industry Stable And Resilient
by Jason Gorringe, Lowtax.net, London
06 July, 2016
Figures published in a recent survey of financial institutions paint an overall picture of resilience and stability for Jersey's finance industry.
The survey, based on data for 2015, shows strong growth in a number of sectors, including the trust and company administration and legal sectors, which were up three percent and five percent, respectively. The accountancy sector saw Gross Value Added (GVA) grow by 13 percent, reflecting the increasingly diverse nature of the finance industry.
While the overall GVA of the finance industry fell by a nominal one percent during the year, this was due largely to the banking sector, which accounts for 53 percent of all financial services output, falling by five percent in real terms.
Richard Corrigan, Deputy CEO of Jersey Finance, commented: "Global financial services have changed dramatically over recent years, with the banking industry in particular experiencing disruption, resulting in balance sheet shrinkage and consolidation, all in a low interest rate environment. Against this backdrop, a stable picture for Jersey is welcome news."
"The figures support the focus Jersey's government, industry and regulator have placed at a sector level in response to these global trends. This includes a dedicated banking project that will help support the long-term sustainability of locally-based banking organizations, and real investment in growing our funds, corporate and private wealth sectors."
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