ISLAND life is going to be seriously affected when the banking crisis starts to bite at everyday level, one of Jersey’s most senior bankers has warned.
Cameron McPhail, the former global head of private and offshore banking for RBS, said that Jersey would not be immune from the fallout of the credit crunch. ‘From a Jersey point of view, it is going to be quite a scary ride,’ he said. ‘Jersey will probably handle the situation better than most, but we would be kidding ourselves if we thought we were going to be unaffected.
‘It would be highly improbable that an island which depends for its prosperity on financial services would be immune from the biggest dislocation in global financial services since the 1930s. There will be winners and losers; an era of Darwinian banking.’
He added that the generous funding historically provided by banks for the arts and sports in Jersey was likely to be restricted. And he warned that job losses were likely, although those made redundant were most likely to find employment ‘around the corner’.
Article posted on 10th October, 2008 - 2.57pm
One Article Comment
I think that bankers should be consulted more frequently by JEP journalists, I do not trust comment from politicians as they frequentky churn out non consequential spin!